Chennai-based Pyramid Saimira Theatre Ltd (PSTL) said the company suffered a business loss of over Rs 100 crore last year which resulted in an erosion of working capital. Meanwhile, N Narayanan, one of the promoters of the company, took over as the new chairman from P S Saminathan, who will continue to remain managing director.
Company executives were not available to comment. PSTL’s announcement to the Bombay Stock Exchange (BSE), quoting Narayanan, said the business loss was over Rs 100 crore, with issues like the Income Tax Department’s move to attach the company’s accounts bringing PSTL into “serious” financial strain.
However, in an announcement to the BSE on January 30, 2009, the company had said the group had lost Rs 40.32 crore on account of a Tamil film titled Kuselan; Rs 26.57 crore towards I-T due and Rs 76.32 crore was provided for as an external loss towards foreign exchange.