However, the company claimed that Saminathan was let out shortly after.“The misunderstanding has been sorted out and both the parties have agreed to an amicable settlement,” Pyramid Saimira said in a statement.
According to Pyramid Saimira, the company had taken a loan of Rs 60 crore from Indiabulls, out of which more than Rs 40 crore had been repaid.
“There has been a misunderstanding on the terms of settlement between Indiabulls and Saimira Holdings and Services Pvt Ltd, a promoter company which has taken loans from Indiabulls ,” Pyramid Saimira Chairman N Narayanan said in the statement.
Published 22 June 2009, 15:34 IST