Production house Pyramid Saimira's petition to the Madras High Court has been denied. The company wanted the court to direct the Income Tax department to release attachments to the tune of Rs 245 crores to its bank accounts. The court refused to lift the attachments, adjudging that it was up to the I-T Department, and has directed the two parties to find a solution, Economic Times reports. Op Losses, Box Office Failures & Now Tax Cuts Pyramid faced a tax bill of Rs 26.57 crores that was due on March 31st. The I-T department had attached Rs 165 crores of investment, Rs 50 crores of normal trade receivables and Rs 30 crores of theatre receivables to this, wounding the company on the back of operational losses and a slew of box office failures. The Rajnikant starring Kuselan caused losses of Rs 40.32 crore. The group operates in theatre, film and television content production, distribution hospitality, food and beverage, animation and gaming and cine advertising sectors. Staying Afloat: Salaries Withheld; Divesting Subsidiaries; Diluting Stakes The company is down on its knees - it reported a net loss of Rs 74.74 crore in the quarter ended December 2008. Pyramid is circling the drain, with 300 employees on its rolls who have not received their salaries for the past three months. According to MoneyControl, the company owes close to Rs 1.5 crore in salaries and additionally requires a working capital of Rs 60 crore to continue its operations. Pyramid recently authorized the strategic…
