MUMBAI: Mukta Arts has elevated its executive director, Rahul Puri as the new MD for the company. Subhash Ghai shall work in the power of chairman of the media and entertainment company. The company has welcomed this transformation as a way to introduce constructive innovations.

Also in a filing to the BSE, the board of the company has decided to conform with the provisions of Section 203 of the Companies Act, 2013 as per which an individual cannot be chairman and MD of the company at the same time.

The BSE-listed Mukta Arts is largely into movie production and distribution business that has now entered the movie exhibition business with Mukta A2 Cinemas.

“After working for 30 years as managing director of Mukta Arts, I feel pleased today that the responsible chair of managing director of Mukta Arts has been entrusted to Rahul Puri by board of directors. I share this collective decision proudly since like others, I am aware of the capacity and capability of Rahul Puri who has been working with Mukta Arts for years as a director,” said Ghai.

“Rahul Puri is a man of great integrity, quality and responsibility and possesses a complete knowledge of this business in terms of art, commerce and finance.  Especially being a finance man himself he will take the company to the newer heights, I am sure. I convey my best wishes to him for every success in Mukta Arts with a great future ahead,” added Ghai.