Pyramid MD Arrested And Released On Bail

Pyramid MD Arrested And Released On Bail  A team of Haryana police on Monday arrested S Saminathan, MD of Pyramid Saimira in charges of cheating a finance firm. He was later released by Tambaram court on conditional bail.

Pyramid Saimira had borrowed Rs 60 crore from India Bulls Financial Services and the repayment cheque had bounced.

The Haryana police arrested Saminathan from his house in Chennai.

Meanwhile, N. Narayanan, Chairman of Pyramid Saimira had said that there was a misunderstanding on the terms of settlement between Indian Bulls and his company.

Speaking with the media persons, Narayanan said: “There was a misunderstanding on the terms of settlement between Indiabulls and Saimira Holdings and Services, a promoter company which had taken loans for the purpose of working capital / investments in Pyramid Saimira Theatre. The original loan was to the extent of Rs 60 crore, out of which more than Rs 40 crore has already been paid."

He further added that out of the Rs 60 crore borrowed from Indiabulls, the company had repaid Rs 40 crore.

Pyramid Saimira is considered as one of the top corporate companies involved in film business for the last 4 to 5 years.

In 2008, Pyramid Saminathan became the Chairman and Managing director of the company. He has taken part aggressively. However, all of his ventures have gone wrong including superstar Rajinikanth's Kuselan.

Earlier last month, even market regulator, SEBI ordered Saminathan to step down from the post of PSTL Chairman.