Banned Independent Directors

SEBI passed an Order dated March 11, 2011 in the matter of Pyramid Saimira Theatre Ltd. (PSTL) restraining Mr. K. S. Kasiraman, Mr. K. Natarahjan and Mr. G. Ramakrishnan from being an independent director or a member of audit committee of any listed company for a period of two years from March 11, 2011  for inflating its profits and revenues by fictitious entries in its accounts thereby misleading the public in their investment decisions. All these facilitated the company to make false and misleading disclosures and thereby created artificial prices and volumes in the securities of PSTL in the market, to the detriment of innocent investors.