April
19, 2011
PR No. 058/2011
Order in respect of Mr. N. Narayanan and Mr. V. Natarajan in the matter of Pyramid Saimira Theatre Ltd.
Shri M.S. Sahoo, Whole Time Member, SEBI, has passed an Order dated April 18, 2011 in the matter of Pyramid Saimira Theatre Ltd. (PSTL), restraining Mr. N. Narayanan and Mr. V. Natarajan for a period of two years and three years respectively from the date of the Order, from buying, selling or dealing in securities in any manner whatsoever or accessing the securities market, directly or indirectly and from being a director of any listed company.
The order states that PSTL inflated its profits and revenues by fictitious entries in its accounts, disclosed the same in quarterly and annual results for the financial year 2007-08 and thereby misled the public in their investment decisions. The order also states that Mr. N. Narayanan was whole time director of PSTL and Mr. V. Natarajan was the chairman and whole time director of PSTL at the relevant time. The order further states that they facilitated the company PSTL to make false and misleading disclosures and thereby created artificial prices and volumes in the securities of PSTL in the market, to the detriment of innocent investors.
The order has come into force with immediate effect.
Mumbai
April 19, 2011
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