MUMBAI: Pyramid Saimira Theatre Ltd managing director P S Saminathan has been elevated to the post of chairman with immediate effect. He will continue in his capacity as managing director of the company.

The announcement follows the exit of V Natarajan who submitted his resignation as chairman to the board of directors of the company.

As a part of its latest initiative, Pyramid Saimira has announced that it will invest Rs 4 billion in the joint venture it has floated with China Society of Music Research Board (CSMRB), a unit of the Chinese ministry of culture.