Actress says azaan at 5 am ‘not civilized’; Juhi hits back

New Delhi, Jun 9: Multiplex operator PVR on Monday said it has cut salary across various levels, laid off employees and deferred increments during the lockdown to mitigate adverse impact of COVID-19 on the business.

The company said at present it is not generating any revenue from exhibition business and related activities as cinemas across the country are shut following the directions from the regulatory authorities.

According to the company, closure of screens during the lockdown will have a significant negative impact on profitability and liquidity.

PVR has taken measures to reduce its personnel cost, including salary cuts across various levels in the organisation during the lockdown along with "reduction in headcount by way of layoffs/retrenchment" to mitigate the adverse impact of COVID-19 on the business.

Moreover, the board of the company, in its meeting held on Monday has also approved plan to raise Rs 300 crore through rights issue.

"Since Cinema Exhibition is the only business segment, company is currently not generating any revenue from admissions, food and beverage sales or other revenue and cash flow from operations," said PVR in an update.

Beginning from March 11, PVR started closing its screens in accordance with the order passed by various regulatory authorities and within a few days most of our cinemas across the country were shut down, it added.

The company will continue to incur committed cash outflows, including employee salary pay-outs, other overheads as well as payments for older working capital.

"This has and will have a significant negative impact on profitability and liquidity during lockdown and even thereafter till business comes to normalcy," it added.

Further, once the cinemas are re-opened, we may not be able to run our cinemas at normal capacity utilisation levels on account of social distancing measures that cinemas may be required to follow as well as health concerns that the patrons may have, the multiplex operator said.

"On account of this, our revenue and cash flow generation may be impeded even once we are allowed to restart operations," it added.

The company has also deferred decision on on increments to reduce its cost, it added.

PVR has also written to developers for waiving rental and CAM (Common Area Maintenance) charges for the lockdown period.

It is in discussion with developers for reducing rentals post re-opening and has invoked force majeure clause in its agreements with them.

Besides, the company has raised additional borrowings from existing bankers to shore up liquidity.

"As of March 31, 2020 the company had cash and bank balance of Rs 316 crore. As on June 7, 2020 cash and bank balance is Rs 227 crore (including undrawn bank lines)," it added.

Over reopening of theatres, PVR said that the government has come out with a phase-wise schedule.

In these guidelines cinema halls have been kept in the third phase of re-opening, where dates will be decided based on assessment of the situation.

"We are in continuous engagement with all regulatory authorities and hope to receive the necessary permissions for restarting opening in the near future," it added.

Currently PVR operates 845 screens in 176 properties in 71 cities.

New Delhi, Jul 15: "I'm just happy with resuming work after a long break!" said Bollywood actor Vaani Kapoor, who is thrilled to get back for movie shootings after a long COVID-19 induced gap of nearly four months.

The 31-year-old star has been roped in to share screen space with Akshay Kumar for the upcoming espionage thriller 'Bell bottom'.

Kapoor, who is a big fan of the 'Mission Mangal' actor, has since then shared her excitement of working in the film, and also act opposite Kumar.

Talking about getting back to work amid the COVID-19 pandemic, she explained, "I, honestly, am just happy with work resuming after a long break. One will, of course, have to be extra cautious and keep all preventive measures in mind but it feels exciting to embark on a new journey!"

On July 6, the 'Befikre' actor had announced on Twitter that the movie is all set to go on floors in August. The makers of the movie have taken the decision to shoot the film in Scotland.

'Bell Bottom' will be the first film to see Vaani Kapoor and Akshay Kumar sharing the screen space.

"Well, this is a great opportunity for me! I have great respect for Akshay sir. It's super exciting and I am really looking forward to the experience," she noted.

The actor had completed the shooting of her next project 'Shamshera', in which she is paired opposite Ranbir Kapoor.

While 'Bell Botton' directed by Ranjit M Tewari, is slated for release on April 2, 2021. The first poster of the movie was released by Akshay Kumar in November, last year.

The film, set in the 80s, is an original screenplay inspired by true events. Akshay is most likely to essay the story of a spy in the movie.

'Bell Bottom' is produced by Vashu Bhagnani, Jackky Bhagnani, Deepshikha Deshmukh, Monisha Advani, Madhu Bhojwani, and Nikkhil Advani.

Los Angeles, Mar 24: In a bizarre video shot from her rose petal filled bathtub, pop star Madonna has called the coronavirus pandemic "a great equaliser".

The music icon said the virus doesn't discriminate between rich and poor.

That's the thing about COVID-1. It doesn't care about how rich you are, how famous you are, how funny you are, how smart you are, where you live, how old you are, what amazing stories you can tell.

It's the great equaliser and what's terrible about it is what's great about it. What's terrible about it is that it's made us all equal in many ways, and what's wonderful about is, is that it's made us all equal in many ways, Madonna said in the video while having a milky bath in tub full of roses.

The 61-year-old singer, who had to cancel two of her concerts in Paris due to coronavirus outbreak, also referenced her 1995 song Human Nature in the video saying we are all going down together .

According to the Johns Hopkins coronavirus tracker, the death toll from the virus globally has risen to 14,641 with 336,000 cases reported in 173 countries and territories.