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.



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