The two companies, both major American dance institutions, are confronting the nationwide recession.
And he said he was ready for what he feels may be the even harder economic times ahead for dance institutions.
Today the school is recognised as a world-class contemporary dance institution with nearly 200 students.
He now runs his own dance institution, Nrityashree, in Chennai.
SmilyTango returns revenue to the local dance institutions and various foundations.
"We are the first dance institution to achieve that status," Ella Baff, the festival's artistic director, said.
Then came an even greater lull, until one day three surprised dance institutions discovered they were each $1 million richer.
The organization, which he helped to direct until 1975, later became one of the city's major dance institutions.
He was appointed as the palace dancer and principal of the dance institution run by the royal family.
Most of all, may the next year be one in which important, urgently needed dance institutions can spend less time worrying about how to pay the bills.