Regulator’s letter forged, says Pyramid Saimira

December 23rd, 2008 - 7:50 pm ICT by IANS  

Chennai, Dec 23 (IANS) Entertainment firm Pyramid Saimira Theatre will lodge a criminal complaint with the police to investigate the origin of the letter purportedly sent by the market regulator asking the firm’s promoter to make an open offer at Rs.250 per share, saying it was forged. Addressing the media here Tuesday, Pyramid chairman P.S. Saminathan asked the Securities and Exchange Board of India (SEBI) to take up the matter with the Central Bureau of Investigation (CBI) to check for forgery.

“The two stock exchanges, Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), should not do the pay out in respect of the shares traded on 22nd December and also investigate the huge volume that got traded that day,” he added.

Saminathan said for the past few days, there were news reports about SEBI’s order to him and his company to make an open offer.

“We then checked the SEBI website and found no such order there,” he said.

Around 10 a.m. on Monday, Pyramid Saimira informed the stock exchange that neither the company or Saminathan had received any communication from SEBI.

The twist came around 10.30 a.m. when the courier company Blue Dart delivered the contentious advisory, purportedly from SEBI.

“While the media got the order on 20th December itself, we wondered as to why it was delivered to our office only on Monday,” said Saminathan.

He said Blue Dart had been instructed by the consignor to deliver the letter Dec 22.

“Today SEBI confirmed to us that it has not issued any letter,” Saminathan added.

Despite the clarification issued to the bourses, there has been a trading of 7,500,000 shares with 2,500,000 shares for delivery which he said was “abnormal”.

According to a company official, the developments pointed to a hostile takeover attempt.

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