Scam-hit Pyramid Saimira Theatre Ltd has informed the Bombay Stock Exchange that P.S. Saminathan, who was barred by the capital market regulator Sebi recently, is stepping down as chairman of the company. He will, however, continue as managing director. N. Narayanan, a promoter-director of the company, will take over as chairman with immediate effect.

The board has also approved the merger of its subsidiary Fun Asia USA with another US-based company in a similar line of business, the company said in a note to the BSE, without providing further details. The board also approved the expansion plans of sister company Pyramid Saimira Production International Ltd and consented to a plan to bring in fresh debt and equity into that company.

Here’s the full release.