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

NEW DELHI: To recover dues, capital markets watchdog Sebi will auction a residential flat owned by Uma Saminathan, wife of Pyramid Saimira Theatre's former promoter P S Saminathan.

Saminathan and his wife have failed to pay dues, including penalties worth over Rs 1.27 crore, within the permitted time limit.

Uma Saminathan had promised to pay the entire dues to Sebi and offered the residential flat in Tamil Nadu.

"... whereas both the defaulter and Uma Saminathan failed to pay the dues within the time limit permitted by Sebi and the said property has been attached by Sebi," the regulator said in a notice.

Reserve price of the flat, which would be auctioned on November 18, is Rs 84 lakh.

"The sale will be stopped if the arrears mentioned in the said certificate along with the interest, costs (including the costs of the sale) are paid to Sebi," the notice said.

The auction would be done on November 18 provided there is no order of postponement or stoppage of sale.

Interested purchasers can inspect the property on November 5.

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