In a day of high drama, Pyramid Saminathan, the core promoter and managing director of the beleagured Pyramid Saimira Theatres Limited (PSTL) was arrested and later released on bail by the judicial magistrate, Tambaram, near here on Monday owing to his non-compliance of the Gurgaon district court which issued a notice to appear before it over a compliant filed by India Bulls on non-settlement its dues by the former. The Gurgaon district court has earlier issued an arrest warrant under Section 138 of Negotiable Instructment Act (NIA) over the issue.
Based on the Gurgaon court order, a team of Haryana police came down to Chennai on Monday and arrested Saminathan with the help of local police. The police team produced Saminathan before the Tambaram Magistrate to be later released by Court on bail.
It is reportedly said that Saminathan is supposed to appear before the Gurgaon district court on Tuesday. However, when contacted Saminathan said that he will not be appearing before the Gurgaon district court.
The Gurgaon district court had to issue to an arrest warrant against Saminathan as the latter alleged to have failed in his commitment towards paying the outstanding dues of Rs 20 crore to India Bulls.
In a communication to the press Pyramid Saimira clarified that there has been a misunderstanding on the terms of settlement between India Bulls and Saimira Holdings and Services Private Limited, a promoter company which has taken loans from India Bulls for the purpose of working capital/investments in Pyramid Saimira Theatre.
The company has claimed that the misunderstanding has been sorted out and both the parties have agreed to an amicable settlement. The original loan was to the extent of Rs 60 crore, out of which more than Rs 40 crore has already been paid. All the formalities in this regard are being complied with.
N Narayanan, Chairman, Pyramid Saimira, said: ?We wish to state that Pyramid Saimira group which had suffered heavy losses in the last 9 months is on the revival path and wishes to assure all stakeholders that the company/group is fully solvent and will be back on the high growth path again. The company faces only short term liquidity issues and due to certain other unfavourable environmental circumstances had to also face publicity constraints.?
According to him, ?The group?s basic fundamentals are sound with a proven viable business model. The group has lot of asset cover in form of advances and deposits. We have faced
I-T problems and last week the department withdrew the attachment against our overdraft/advances bank accounts.? There have been media reports on an ex-parte order of the Madras HC which the firm will sort out shortly, he added.