Complex sentence: The last film made by the company was "Raj Nartaki" (1941) under the direction of Madhu Bose, thereafter V. Shantaram bought the studio in 1942 and established Rajkamal Kalamandir in the premises.
Split into simpler sentences: The last film made by the company was "Raj Nartaki" (1941) under the direction of Madhu Bose. Thereafter the studio premises was up for sale, V. Shantaram bought the studio in 1942 and established Rajkamal Kalamandir in the premises.