Mumbai: Pyramid Saimira Theatre Ltd said on Wednesday founder director N. Narayanan has taken over as the chairman while P.S. Saminathan will continue to be the managing director.
“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 was quoted in a company statement to the stock exchange as saying.
The firm, which suffered a loss of Rs1 billion over the past year, was embroiled in controversies related to income tax, which added to its financial strain, Narayanan was quoted in the release as saying.
A large investor also sold shares, exiting the company, under questionable circumstances, which also “reduced the company’s ability to handle the situation,” he added.
“The group has decided to refocus on its basic vision which had enabled the group a vertical take-off earlier,” he said in the statement.
The firm on Wednesday also approved an expansion plan in Malaysia, where it made cash profits and approved merger of its unit Fun Asia USA with another company to strengthen its position in the US, according to the release.
It also approved raising funds for its production company Pyramid Saimira Production International.
Shares in the firm were up 5% at Rs24.57 in Bombay Stock Exchange (BSE).