Mumbai, Dec. 23: Pyramid Saimira today said a letter from the Securities and Exchange Board of India, directing its promoter to make an open offer, was forged.

Sebi later confirmed that it had not sent any letter and it would investigate the whole episode.

“It appears that the said letter is being circulated with an ulterior motive. Sebi is separately investigating the matter, including the origin of the letter. It will also inquire into the dealings in the Pyramid scrip following a press report on the offer, including an alleged violation of the Sebi (SAST) Regulations, 1997,’’ the market regulator said in a statement.

Pyramid Saimira Theatre Ltd now wants the authorities to find out if big business interests are responsible for the constant hammering of its share price, which spread panic among its investors.

Speaking to reporters in Chennai today, chairman P. S. Saminathan said the company had requested the Bombay Stock Exchange and the National Stock Exchange not to issue any pay-out order and to conduct a detailed inquiry into the company’s share transaction.

The company may also lodge a complaint with the Central Bureau of Investigation.

The letter dated December 19, 2008, carried the regulator’s letterhead and the signature of the assistant general manager of the corporate finance department. The subject of the letter said, “Violations of Sebi (SAST) Regulations by P. S. Saminathan & Pyramid Saimira Theatre”. The letter said the market regulator wanted Pyramid Saimira to make an open offer to buy 20 per cent of the company at Rs 250 per share.

Saminathan said a courier company delivered the letter two days after the news was leaked to the press. He felt this was done at the specific instruction of certain parties.

“The market regulator usually faxes such letters and does not courier them. It was an attempt to defame the company,” he added.

Saminathan holds over 22 per cent in the company and plans to buy another 22 per cent from Nirmal Kotecha.

On the BSE today, the scrip ended 9.9 per cent lower at Rs 61.15 against Rs 67.90 on Monday.