The Supreme Court today dismissed a petition by Madras-based entertainment company Pyramid Saimira, challenging a seven-year trading ban imposed on it by market regulator Sebi.
The bench, headed by Chief Justice S H Kapadia, dismissed the petition filed by the company, PS Theatre, requesting the court to lift the seven-year ban from accessing the market, which was imposed by Sebi last November following irregularities in the company's initial public offering in 2006.
"We do not want such firms to continue... In the matter of fraud, we do not do anything," the bench said while declining the company's plea.
The company had challenged the order of the securities appellate tribunal, which had on Nov 10, 2009, upheld the Sebi order.
