7 years ban for Pyramid Saimira

Market regulator Sebi on Tuesday banned Pyramid Saimira Theatre Ltd (PSTL) for seven years from accessing capital markets. It charged the company of issuing shares to non-employees under the "employee quota" prior to its IPO in December 2006, who walked away with "unlawful gains". The order, issued by M S Sahoo, wholetime member, Sebi, said, "PSTL aided and abetted the seven persons to corner shares of PSTL under the employee category to the detriment of the common investors". Reacting to the order, P S Saminathan, chairman of PSTL, told The Times of India, "this (the order) is ridiculous and arbitrary decision without any reason. We will definitely appeal against this order."