Movies

Pyramid Saimira promoter Saminathan offloads 6% stake

MUMBAI: Faced with a tight liquidity crunch, Pyramid Saimira Theatre Ltd (PSTL) promoter and CMD PS Saminathan has sold 6.037 per cent stake in the company.

The latest disclosure in the National Stock Exchange on Monday states that Saminathan has sold 1.7 million (1,707,000) shares in an off-market sale between 20 - 31 December last year.






Saminathan now holds 5.08 million (5,086,614) shares, or a 17.99 per cent stake, in the company. Also, another promoter Uma Saminathan sold 152,839 shares or 0.27 per cent equity in the three months to December.


Meanwhile, the company clarified that some financial institutions have sold off pledged shares of the promoters against short-term loans taken by the company to overcome a liquidity crunch it had landed into due to a tax issue and the huge loss suffered in mega budgeted film Kuselan.


The company further said in a filing that it has always "intended to maintain the best of relationships with bankers and did not want any delays or defaults to any bank or institution."


As per the filing, in December last year, Income Tax department issued a bank attachment order against PSTL on a tax issue. Though the matter got resolved in an amicable manner, the company said it underwent a liquidity tightness on account of the same.


In October last year, Saminathan was set to double his holding by acquiring seven million equity shares, or 24.9 per cent, for a proposed price of Rs 1.4 billion (Rs 200 per share) from NC Ravichandran and Nirmal Kotecha. However, in December, a fake letter from Sebi (Securities and Exchange Board of India) caused severe battering of the stock value and resulted in termination of the deal.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/21/ghazi-800x800.jpg?itok=Mb7dq7bT
Tax concessions would have boosted 'Attack On Ghazi'

The past week saw a variety of new releases. `The Attack On Ghazi’, was a rare war film for the Indian audiences and an underwater film about war between an Indian and Pakistani submarine, Ghazi. The film, based on the 1971 war, was painstakingly made. The other film, `Irada’ --- film’s title did...

Movies Hindi
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/21/Amar%20Kaushik-800x800.jpg?itok=WPfYtYdK
Berlin Festival: Amar Kaushik's 'Aaba'wows audience

MUMBAI: Indian filmmakers never cease to amaze the global audience with their storytelling and filmmaking skills. As the Berlin Film Festival drew to a close on Saturday, Indians had a reason to rejoice. Debut filmmaker Amar Kaushik’s short film, Aaba bagged the prestigious award at the 67th Berlin...

Movies Hindi
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/20/Sony-Le%20%281%29.jpg?itok=hyfMHMUo
Sony Le PLEX HD to air tribute-movies of Hollywood actors

This February, Sony Le PLEX HD will pay tribute to those well-known actors who passed away too soon into their career. From Heath Ledger to Paul Walker, Hollywood has lost some gems too early, leaving fans and critics disheartened and wanting for more. `WatchIt’s 9O’Talk themed ‘The Tribute’ will...

Movies Hollywood
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/20/Sultan.jpg?itok=dv1fl9eF
How Sultan and Naagin are being pirated in Russia

MUMBAI: Here’s some food for thought for Indian TV channel broadcasting executives zapping their channels via satellite, cable TV or VOD services into Russia or onto and syndicating content to Vladmir Putin’s land. And this includes movies such as Sultan, and super popular shows such as Naagin.

Movies Hindi
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/17/irada%20%281%29.jpg?itok=Nv-MjIot
Irada....Docu-thriller?

The title Irada comes across as B-grade 1970s and it has little relevance to the theme of the film, which is honourable. The film is about an ecological problem, almost a disaster. The issue dealt with here, though, is not as infamous or as well known as the Bhopal gas tragedy.

Movies Hindi
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/17/ghazi%20%281%29.jpg?itok=S4_SNdBv
The Attack On Ghazi.....Worth watching but....

A lot of things seem to be going right for India and its people in various fields and, suddenly, people have learnt to take pride in achievements of her people in sports, space science, IT, coupled with a newly acquired sense of patriotism over past couple of years. This has been making many...

Movies Hindi
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/16/sunil-lulla%20%281%29.jpg?itok=zEUe5UB6
Eros profits more than double in third quarter 2017

The Sunil Lulla led Eros International Media Limited (Eros) reported almost 2.5 times (2.496 times) consolidated profit after tax (PAT) for the quarter ended 31 December 2016 (Q3-16, current quarter) as compared to the corresponding year ago quarter (Q3-16). Eros PAT for the current quarter was Rs...

Movies Hindi
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/14/pemra%20%281%29.jpg?itok=dwvPQn8o
Court permits private Pak channels to show Indian films

MUMBAI: A Pakistani court has permitted private television channels having valid licences to show Indian movies as per their conditions of agreement with Pakistan's regulator. In its October 2016 order, PEMRA had banned Pakistani private channels being operated through cable network from airing...

Movies Hindi
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/02/13/jolly%20%281%29.jpg?itok=Iz9nucIe
No film sustained after Dangal

The bad run at the box office continues as no film released after Dangal has been able to sustain. The new releases have not been able to hold their own post the opening weekend. After the midweek release of two major films, Kaabil and Raees backfired. The films could not draw enough footfalls...

Movies Hindi

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories