Pyramid Saimira today said N Narayanan has been appointed as Chairman on board of the firm.
In a filing to the Bombay Stock Exchange, the company said that Narayanan, a promoter director of the company, takes over as Chairman of PSTL with immediate effect, while P S Saminathan would continue to be the Managing Director.
"In the last one year, the company suffered a business loss of about Rs 100 crore ... Moreover, a large investor exited from the company in questionable circumstances which has also reduced the company's ability to handle the situation," Narayanan said.
Last month market regulator Sebi had barred Pyramid Saimira Theatre's ex-promoter Nirmal N Kotecha from trading in securities for allegedly forging a SEBI letter allowing an open offer.
"With a view to strengthen the core exhibition business and also to reduce the risk levels in the business and it bring back growth and profitability on the exhibition business, I have decided to focus more on operational management and handed over Chairmanship," Saminathan said.
Besides, K S Srinivasan would join as whole-time Director on the board of the company.
The board also approved the raising of funds in the form of equity and debt for expansion of its production business — Pyramid Saimira Production International Ltd.
