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Sebi to auction Pyramid Saimira ex-promoter's wife's property

Sebi said it will e-auction the property held by Pyramid Saimira's former promoter P S Saminathan's wife to recover over Rs 1 crore penalty imposed on him.

PTI|
Updated: Jul 13, 2015, 06.55 PM IST
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NEW DELHI: Sebi today said it will e-auction the property held by Pyramid Saimira's former promoter P S Saminathan's wife to recover over Rs 1 crore penalty imposed on him by the market regulator.

The latest move by Sebi comes after Saminathan and his wife Uma Saminathan failed to pay dues, including penalties worth Rs 1.27 crore, to the capital markets regulator within the permitted time limit.

Earlier, Uma Saminathan had promised to pay the entire dues to Sebi and offered a residential flat in Tamil Nadu as security.

In a notice, Securities and Exchange Board of India (Sebi) said "in the absence of any order of postponement or stoppage of sale, the said property shall be sold through e-auction between 1030 hours and 1130 hours on August 20, 2015."

"The sale will be of the rights Uma Saminathan is entitled in respect of the said property which will be sold along with liabilities, if any," it added.

However, Sebi said that the sale of property would be stopped if the arrears along with the interest, costs (including the costs of the sale) are paid.

P S Saminathan had been penalised by Sebi for multiple capital market violations, including non-compliance with disclosure norms and for indulging in fraudulent trading activities.

The reserve price of the property is fixed at Rs 1 crore. "The property shall not be sold below the reserve price fixed," the market regulator said.

As part of the e-auction process, Sebi said that "no officer or other person, having any duty to perform in connection with this sale shall, however, either directly or indirectly bid for, acquire or attempt to acquire any interest in the property sold".

According to Sebi, intending bidders would have to fill up an application online.

Inspection of the said property will be allowed to the intending purchasers on August 12, 2015 from 1100 hours to 1600 hours, the market regulator said.

Further, the successful bidder would have to deposit 25 per cent of the bid amount plus poundage fee immediately after close of auction and the balance amount within 15 days from the date of auction.

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