Letter forged, say Sebi, Pyramid Saimira

Pyramid Saimira Theatre, the Chennai-based entertainment firm, was in the limelight Tuesday after it announced it was the victim of a forgery and the stock was frozen at circuit filer of 10 per cent on In an early morning statement, the company confirmed it had received a letter from the stock market regulator, Securities and Exchange Board of India (Sebi), asking its chairman PS Saminathan to make an open offer to buy 20 per cent in the company at Rs 250 a share. A couple of hours later, Pyramid called a press conference to say Sebi’s letter was forged and that the company planned to launch a formal complaint with the Central Bureau of Investigation (CBI). Meanwhile, Sebi issued a statement saying it had not issued any such letter to the company as has been widely reported in the media. “It appears that the letter is being circulated with ulterior motives,” the statement said. In a release in the evening, Sebi said it was investigating the matter including the origin of the letter. “Sebi is also separately inquiring into the dealing in the scrip following the press reports, including alleged violation of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997,” the statement said. the Bombay and National Stock Exchanges for the second day in a row.