Dispelling all the speculations that are going around, Pyramid Saimira and Kamal Haasan have come out with their statements that Kamal's next venture Marmayogi will jointly be produced by M/s Pyramid Saimira International Ltd and M/s Rajkamal International Ltd.
In an interim order, pending investigation and passing of final order also debarred 228 persons and entities from trading in the markets including IPO. The order in Pyramid Saimira case relates to media reports in December last year that Sebi had directed Saminathan to make an open offer for an additional 20 per cent stake at a price not less than Rs 250.
Nirmal Kotecha, co-promoter of Pyramid Symira, a Chennai-based entertainment company, has sold his entire stake in the company. He was holding 24.89 per cent stake in the company as on September 2008.
Pyramid Saimira Theatre, the Chennai-based entertainment firm, was in the limelight on Tuesday after it announced it was the victim of a forgery and the stock was frozen at circuit filer of 10 per cent on the Bombay and National Stock Exchanges for the second day in a row.In an early morning statement, the company confirmed it had received a letter from the stock market regulator, Securities and Exchange Board of India, asking its chairman PS Saminathan to make an open offer.
The Supreme Court on Friday upheld the seven-year trading ban imposed by market regulator Sebi on Pyramid Samaira Theatre for its fraudulent initial public offer.
The superstar has reportedly held secret parleys with the administrators of Pyramid Saimira and assured them that he will pay Rs 10 crores to be disbursed to the distributors and theatre owners, who have lost their money.
Pyramid Saimira Entertainment Limited, Singapore, a wholly owned subsidiary of Pyramid Saimira Group has bagged the rights of Kuselan in both Tamil and Telugu.
Satyam Computer, Pyra-mid Saimira, KS Oils and Kingfisher Airlines are among those companies whose shares have fallen like eggs on the floor.
At the end of their deliberations on the Kuselan issue on September 2 in Chennai, the distributors/theatre owners combine issued a joint communique stating that 'they had a frank discussion and decided to call off their earlier decision not to cooperate in future with films produced by Seven Arts/Kavithalaya, distributed by Aingaran Films/Pyramid Saimeera Films and films starring Rajnikanth.'
Recent reports indicate that Kamal Haasan's film, Marmayogi, might fall into the hands of the Ocher Studios-Warner Brothers combine. Kamal is said to have returned the advance amount to Pyramid Saimira and has reportedly initiated talks with Soundarya and Warner Brothers to associate himself with them.
Pyramid Saimira's Tamil film Ayudham Seivom, starring Sundar C works well in the humour department but there's no impact.
Market regulator Securities and Exchange Board of India (Sebi) is understood to be contemplating legal action against P S Saminathan, managing director and one of the promoters of Pyramid Saimira Theatre (PSTL), and Nirmal N Kotecha, another promoter of the company.
Pyramid Saimira has agreed to extend the reimbursement to distributors and theatre owners of Karnataka and Andhra despite the producers of the movie voicing their opinion to compensate only in Tamil Nadu.
Kamal Hassan's Rs 125 crore magnum opus Marmayogi will have not one or two but four beautiful heroines -- Trisha, Shriya, Hema Malini and two-time National Award winner Shobhana.
Nirmal Kotecha is a self-confessed admirer of Harshad Mehta and a faithful follower of his technique.
The overall growth story on India seems to be intact
Besides bank accounts, Sebi has also in various proceedings ordered depositories, NSDL and CDSL, to attach the demat securities accounts of the erring entities.
Armed with fresh powers to conduct search and seizure operations and attach properties and bank accounts, the Securities and Exchange Board of India (Sebi) is going all out to use these effectively.
The Street is talking about the New Rakesh Jhunjhunwala who has invested heavily in a particular stock.
Sebi has been given direct powers to freeze bank accounts, attach properties, conduct search and seizure and initiate recovery proceedings.
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