Pyramid Saimira CMD PS Saminathan has sent this communiqué to the company shareholders seeking to put facts in a proper perspective, in view of the the recent controversy kicked off by a forged letter to SEBI:
“Last few days, there has been lot of news paper reports about Pyramid Saimira. Though it is nice to get covered in press, since we are not in political arena, we feel, we should present the correct facts to our stakeholders.
“On Sunday 21st Dec. 2008 financial dailies carried press reports quoting a SEBI order on Mr P S Saminathan, Chairman & Managing Director of Pyramid Saimira Group, ordering him to go in for an open offer at Rs.250/- per share in view of the fact that he is buying additional 20% stake from a person acting in concert. We were extremely surprised on this news since we did not receive any such order from SEBI and also the said Order was not in the SEBI’s website. Further, the proposed transaction needs to be filed with regulatory authorities and has been duly filed with SEBI / BSE / NSE as early as 10th Oct. 2008 itself and therefore, if at all any issues were there, those would have been addressed by SEBI during the intervening period and not on 19th Nov. 08 when the proposed transaction window was slated upto 22nd.
“We informed BSE and NSE on Monday 22nd Dec. 2008 that we did not receive such an order primarily with a view to stop speculation on our share price. We did not want any investor to invest in this stock purely based upon the Open Offer when the management had no intention to go through on the Open offer. To our surprise, even after such a declaration filed with BSE and NSE and such a declaration also flashed across major TV channels, a huge volume of transaction took place in our scrip.
“On Monday 22nd Dec. 2008 we did receive the said Order and we immediately started consulting with our Counsel as to the further course of action on the said letter and also we enquired with the courier agency as to why they did not deliver the letter on Saturday – 20th Dec.08 itself. To our surprise, the courier agency mentioned that they had specific instruction from SEBI not to deliver the cover on Saturday and deliver it only on Monday. The courier agency in question (Blue Dart) confirmed the same through an e-mail as well. This surprised us.
“Further, on Tuesday –23rd Dec. 08 we enquired with SEBI’s Take Over department and SEBI came back to us stating that they have not issued any such order. We then called a press conference and demanded a thorough enquiry into the episode and also demanded the BSE / NSE not to go ahead with the pay out on the transactions held on our scrip on 22nd Dec. 2008. We also lodged a criminal complaint with the Commissioner of Police, Chennai requesting the police to investigate the entire affair and the forgery of SEBI’s letter.
“Subsequent enquiries have revealed that a leading public relationship agency and some stock broking houses have called upon press on Saturday 20th Dec. 2008 and in fact, false phone nos. have been given to the press for confirming the said development. The press has published their names as well and also a leading financial daily has tendered apology to us on public platform.
Pyramid Saimira is an aggressive growth oriented organisation and has created huge amount of growth platform in last two years. This has got lot of attention, both wanted and unwanted. Generally, business competitors do try to take advantage of any adverse circumstances. But it is a very rare instance in which adverse circumstances are engineered not on business front, but on perceptions front with a view to tarnish the reputation and image.
“As you are well aware, credibility and reputation built over years of toil and performance could be killed by small malafide or misreporting and it is easy to be negative rather than positive. In the era of mass media, some times truth and honesty gets blurred beyond recognition and it is a sad fact that media’s power and credibility can be misused by “interested parties” with ulterior motive and with surgical precision.
“Fortunately for us, we could detect the entire plan before the end game though out and therefore, we could emerge from this with our reputation enhanced and also have become which more stronger in handling this type of miscommunications.
“While on the subject, I would like to put before you that the company, in my opinion, has soft landed its mammoth growth, reduced leakages, improved systems and processes and has generally used these difficult times to internally consolidate the organisation and externally erect much better and structured entry barriers.
“We feel that our 360º approach, presence in many countries, presence across multiple segments, unique business model, proven executive capabilities and transparent and honest communication approach, we are in good position to consolidate and grow further and make Pyramid Saimira Group as one of the leading entertainment conglomerate in the World.
“I personally believe that every problem carries with it a visiting card for multiple opportunities; every problem is an invitation to a strong person to handle things better and every crisis induced by third parties ultimately turn into garland to good people. It is not the actions of malafide people which will determine the growth impetus and works of good-intentioned people.
“I seek your continued cooperation and support to the Group and assure you that the trust reposed by investors and others will not be misplaced.”
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