Indian securities market regulator, SEBI on Monday said it would auction the property of Uma Saminathan, wife of Pyramid Saimira's former promoter P.S.Saminathan, for non-payment of dues.
According to Securities and Exchange Board of India (SEBI), Saminathan was penalised for various violations but following his default in paying dues totalling Rs.12,750,000, his wife agreed to pay the amount and offered a residential property as the security.
As both failed to pay the dues by the due date, the regulator attached the property and will e-auction it off on November 18.
