Movies

Pyramid Saimira restructures, Saminathan steps down as chairman

MUMBAI: Dogged by controversies, Chennai-based Pyramid Saimira Theatre Ltd (PSTL) have announced a series of restructuring measures. While PS Saminathan has stepped down as chairman, the company is merging its US subsidiary and streamlining its operations to bring down its risk levels.

Saminathan will continue as the managing director and focus more on operational management. Founder director N Narayanan has taken over as chairman with immediate effect.


Recently, Sebi (Securities and Exchange Board of India) barred promoters Nirmal N Kotecha and Saminathan from trading in securities over a fake letter and buyback offer.


The scam-hit PSTL has decided to approve the merger of its subsidiary Fun Asia USA with another company to “strengthen the market position of the group in the USA.” The company will, however, continue with its expansion plans in Malaysia, where it made cash profits.


“Due to huge business loses, the company has suffered working capital erosion. Further, the global meltdown, national recession and failure in the film industry have put enormous strain on the entire film industry. With a view to strengthen the core exhibition business and also to reduce the risk levels in the business and bring back growth and profitability, I have decided to focus more on operational management," Saminathan said.


PSTL has been under financial stress with a loss of Rs 1 billion over the past year and new claims from the Income-Tax department. "A large investor sold shares, exiting the company under questionable circumstances, which also reduced the company‘s ability to handle the situation," said Narayanan.



Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/21/Badrinath-ki-Dulhaniya.jpg?itok=9AKk4o7J
Dismal releases help last week's film to turn lucky at the Box Office

MUMBAI: With dismal releases, the week proved lucky for last week’s ‘Badrinath ki Dulhaniya’ as none of the three films fresh releases this week managed to create any impact on the viewers.

Movies Hindi
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/20/Freedom%20of%20speech.jpg?itok=S5jPVnrt
'Freedom of speech' vital in progressive society, says Nandita Das

NEW DELHI: Three short films made by renowned filmmakers Sudhir Mishra, Nandita Das and Ram Madhvani on meaningful subjects marked the India Today conclave on its closing day in Mumbai. India Today Group editorial director Kalli Purie said the films had been commissioned by the group to mark four...

Movies Hindi
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/17/machine%20%281%29_0.jpg?itok=rcz0b_3J
Machine.... Poor show

Machine is a rather unlikely story with an unlikely title. Coming from Abbas Mustan duo, the Burmawalla brothers, who made a reputation for giving thrillers and action films with good musical score, one expected more of the same stuff. Having worked with some of the top artistes of Hindi film...

Movies Hindi
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/14/badri%20%281%29.jpg?itok=86DVRTqy
'Badrinath Ki Dulhania' is on its way to becoming a hit

The time period for the release of Badrinath Ki Dulhania was dicey to say the least. The film was released bang in the middle of days of election results in the most politically volatile states of the North India, board exams and the pre-Holi Friday. Also, cinema halls are closed till mid-noon on...

Movies Hindi
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/14/paramount.jpg?itok=gy3_va7l
Paramount & Anonymous Content to make 'The Windfall' as a TV series

Paramount TV and Anonymous Content have come together to develop Indian author Diksha Basu’s upcoming debut novel The Windfall as a TV series.

Movies Hollywood
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/10/kung-fu%20%281%29.jpg?itok=xrr6JRYL
Kung Fu Panda 3 premiering on Star Movies on 19 March

This month Star Movies brings to its viewers Kung Fu Panda 3, the latest installment in the animated series featuring Po, a dumpling loving Panda, who defies all odds to become a Dragon Warrior. From the very first film, Po has created a special space in the hearts of audiences of every age and...

Movies Hollywood
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/10/badri%20%281%29.jpg?itok=zjx-Ps3H
Badrinath Ki Dulhania: Part fun, part dull

Director Shashank Khaitan seems to be creating a franchise of his own as he comes back with 'Badrinath Ki Dulhania' after his earlier film, Humpty Sharma Ki Dulhania. This film too starts off in Hindi belt but later traverses to Singapore to break the monotony.

Movies Hindi
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/06/Star-gold-HD.jpg?itok=StV53f7r
Movies channel Star Gold Select HD goes live today on Tata Sky & Cable TV

MUMBAI: One of India’s largest broadcaster of entertainment, movies and sports, Star India Network, has announced the launch of its fourth Hindi movies channel - Star Gold Select HD. An exclusively HD channel Star Gold Select will serve carefully curated, meaningful stories from Indian cinema on...

Movies Hindi
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/03/03/commando-2%20%281%29.jpg?itok=8pDx5joN
Commando 2: The Black Money Trail...On a cold trail!

MUMBAI: Vidyut Jammwal is India’s answer to Hollywood actor Sylvester Stallone and his Rambo series which started in 1982 withFirst Blood. Jammwal made his debut in Hindi films with Force (2011). Since then, he has done half a dozen action Hindi films, a genre he is comfortable with. When a film...

Movies Hindi

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories