P S Saminathan has stepped down as the chairman of the entertainment company Pyramid Saimira. N Narayanan, a promoter director, will takeover as the new chairman of Pyramid Saimira with immediate effect, the company has said in a BSE filling. Saminathan will continue as the managing director of the company.
In its communique’ to the exchanges, Saminathan said that his decision to handover the chairmanship of the company to N Narayanan was driven by the fact that company had suffered huge losses in the past few months and that it was needed for him to pay more attention towards the company’s core exhibition business and reduce risk levels.
He said, “I have decided to focus more on the operational management and therefore handed over the chairmanship into the capable leadership of Mr. N Narayanan.”
Few weeks back, market regulator SEBI had barred Nirmal N Kotecha and P S Saminathan, the promoters of the company from trading in securities. The two had allegedly forged a SEBI letter that allowed Pyramid Saimira to go ahead with an open offer.
N Narayanan, who has just taken over as the chairman of the company, said, “In the last one year, the company has suffered a business loss of about Rs 100 crores. The issues like IT attachment etc brought the company into serious financial strain. Moreover a large investor exited the company under questionable circumstances, which has also reduced the company’s ability to handle the situation.” He further added that the group had decided to refocus on its basics which had enabled the group a vertical take-off earlier.
The company has also appointed a new whole time director to its board- K S Srinivasan. He has over 30 years of domain experience in the film industry has joined the company board as the whole time director.
The company board has also approved the merger of its subsidiary, Fun Asia, USA with another company in the same space. The merger is expected to strengthen the market position of the group in USA and provide a base for expansion.
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