Pyaramid Saimira Theaters Pvt Ltd (PSTL) chairman $ MD P.S.Swaminathan was arrested today under the sections of forgery and cheating and was later released by Tambaram court on conditional bail.

Pyramid Saimira is one of the top corporate companies involved in film business for the last 4 to 5 years. Pyramid Saminathan became the Chairman and Managing director of the company last year and has taken part aggressively in both the silver screen and the small screen.

But unexpectedly all his ventures have gone wrong including superstar Rajinikanth's Kuselan. Now he is keeping himself away from film production.

The Stock Exchange Board of India (SEBI) had already posed some issues for Pyramid Saimira and last month it had ordered Saminathan to step down from the post of PSTL Chairman.

At this juncture, a Delhi based financier has filed a case against Swaminathan in Gurgaun police station.He has pointed out that Swaminathan is trying to cheat him of his Rs.25 crores and that all the cheques given by Sawaminathan have bounced. Despite these reminders and summons send by the Haryana state judiciary, Swaminathan did not turn up.

At this stage the Haryana Police has sought the help of Chennai City police to arrest Swaminathan. Yesterday Swaminathan was arrested by the police near his Madippakkam residence.

When the police produced him before the Tambaram Court, the Judge ruled for a judicial remand and asked Swaminathan to attend the inquiry properly.

Later Swaminathan was released on conditional bail. As per the order, he will attend the police inquiry at Gurgaon, Haryana tomorrow.