SEBI attaches properties in Pyramid Saimira case

Exercising its powers to deal with defaulters, market regulator SEBI on Wednesday attached a residential flat in connection with the Pyramid Saimira case and has restrained the wife of company’s former promoter P.S. Saminathan from disposing of the property. The latest move comes after Mr. Saminathan failed to pay dues worth Rs. 1.270000000 to the capital market regulator within the stipulated time that expired on Tuesday. According to SEBI attachment order, Mr. Saminathan’s wife, Uma Saminathan, had undertaken to pay the dues in case her husband failed to do so by June 3. The attached property is located in Kanchipuram, Chennai. “Whereas the defaulter has failed to pay the dues on or before the agreed date, it is ordered that you (Uma Saminathan) are hereby, prohibited and restrained, until the further order of the undersigned (SEBI recovery officer), from transferring or charging the...property in any way and that all persons be, and that they are hereby prohibited from taking any benefit under such transfer or charge,” SEBI said in the order. P.S. Saminathan had been penalised by the Securities and Exchange Board of India (SEBI) for multiple violations, including non-compliance with disclosure norms and for indulging in fraudulent trading activities in the capital market. The former Pyramid Saimira promoter was detained on May 26 by SEBI in the regulator’s Chennai office for failing to pay the dues. Mr. Saminathan was released later that day after he undertook to make a payment of Rs. 5000000 to SEBI by June 3 and pay the remaining balance in equal monthly instalments within 6 months In March, the President of India had re-promulgated the ordinance for the third time that provides SEBI with powers to attach assets of the defaulters as well as detain and arrest them.