IT-department frees Pyramid Saimira’s bank accounts

MUMBAI: In a major relief to theatre chain Pyramid Saimira, following a Madras High Court order, the IT department has lifted the attachment of the bank accounts totalling Rs 2.45 billion (Rs 245 crores) of the company.

A company statement said, "The attachment made on the bank accounts was lifted by the Income Tax (IT) Department, in respect of the overdraft facilities granted to Pyramid Saimira Theatre Ltd."

The IT Department had attached Pyramid Saimira’s bank accounts totalling Rs 2.45 billion for alleged non-payment of tax. However, the company had moved to Madras High Court against the order.