Sebi slaps Rs 7.5 lakh fine on Pyramid Saimira's Saminathan

A Sebi order said after taking into consideration all the facts and circumstances of the case, a "penalty of Rs 7.5 lakh on the noticee (Saminathan ) which will be commensurate with the violations committed by him" has been imposed.

It was alleged that Saminathan failed to make a public announcement about his shares acquisition details in PSTL when his shareholding exceeded 15 per cent.

Saminathan held 14.14 per cent of the total voting rights of PST in April, 2008, and further acquired 3.15 per cent via inter-se transfer of shares between the promoters due to which his shareholding increased to 17.29 per cent of the total voting rights, the order said.

He further purchased shares amounting to 6.39 per cent of the total voting capital of PSTL. It was further observed that during November-December 2008, he had picked-up 7 lakh shares that resulted in increase in his shareholding to 24.450 per cent of the total voting rights of the company, it said.

According to Sebi's norm, an entity can avail exemption from making public offer in case stake was acquired via inter-se transfer of shares between the promoters subjected the concerned entity is required to submit the report to the regulator in the specified format within 21 days from the acquisition.

However, Saminathan did not submit the report to the Sebi in the stipulated

... contd.