| It is turning out to be a long season of bad news for Chennai-based theatre chain, Pyramid Saimira Theatre (PSTL). Barely a couple of
weeks after the controversy over the forged SEBI letter, the income-tax department of Chennai has attached the companys bank accounts to recover an outstanding amount of Rs 26.59 crore.
There is some outstanding demand from the I-T department, PSTL chairman and managing director PS Saminathan told ET in response to a query, while declining to provide any further details. A senior official in Chennais I-T department confirmed the development over phone to ET. The deputy commissioner of I-T, media circle, Chennai, has sent notices to several bank branches, including PNB, Central Bank of India, ICICI Bank, Allahabad Bank, Indian Bank and Axis Bank.
The sum of Rs 26,59,21,840 is due from Pyramid Saimira Theatre on account of income-tax / penalty / interest / fine. You are hereby required under Section 226 (3) of the Income Tax Act, 1961, to pay to me forthwith any amount due from you or held by you on account of the said assessee up to the amount of arrears shown above, reads the notice to one of the bank branches, a copy of which is in ETs possession.
PSTL is yet to clear its tax dues for FY2007-08, according to people familiar with the development. The company was in the news last month after media reports (including ET) of SEBI having asked a promoter, who violated the creeping acquisition norms, to make an open offer for an additional 20% stake at Rs 250 a share.
A day later, the SEBI denied any such moves. It has come to light that one of the promoters Nirmal Kotecha was a major seller during the controversy that erupted between December 18 and December 29. The SEBI registered an FIR at the Bandra-Kurla police station on January 1, seeking an investigation into the forgery of its communiqu.
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