The market regulator Securities and Exchange Board of India (Sebi) has blown the lid off a forgery masterminded by the promoter of Pyramid Saimira - Nirmal Kotecha. Sebi has banned Nirmal Kotecha for masterminding the forgery of a Sebi letter.
It has also barred another promoter PS Saminathan for spreading misleading information. Its not just pyramid Saimira! In the Sebi interim order on Pyramid Saimira- two other companies Usher Agro and SEL Manufacturing Limited. have come under the scanner.
The order says that Nirmal Kotecha had close contacts with top management in these companies and traded in their scripts - through a different identity.
Monday, April 27, 2009
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