Shilpa Shetty joins 'gold rush'; launches jewellery firm

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, Jun 2: Actor Anushka Sharma on Tuesday exhorted people to maintain hygiene and advised to stop open defecation in a bid to avoid coronavirus spread.

As the country is grappling with the coronavirus crisis, the 'PK' actor has joined the initiative with the Swachh Bharat Mission, which aims to tell the people that the contagion can be curbed through strict sanitation process.

"When women all over the country had decided that they would educate everyone on the lesson of close the door, shun the disease, no one had thought that their initiative would turn into such a huge wave!," the actor was seen saying in a video posted in the official Twitter handle of Swachh Bharat I #IndiaFightsCorona.

"Today, in the time of coronavirus pandemic, we all have to again remember and remind others about the lesson of cleanliness," she added.

"If we take care of cleanliness around us, by not defecating in the open, we will keep ourselves healthy and India clean. We will become strong to fight against any kind of disease," the 32-year-old star said.

The 'Sultan' actor noted that by stopping defecating in open and closing the toilet door at all times can be a solid measure to drive the disease out of the country.

Mumbai, Jul 12: Actress Aishwarya Rai Bachchan and her daughter Aaradhya have tested positive for coronavirus, confirmed Maharashtra Health Minister Rajesh Tope on Sunday. However,  veteran actor Jaya Bachchan has tested negative for the virus.

"Smt Aishwarya Rai Bachchan and Daughter Aaradhya Abhishek Bachchan have also been detected positive for Covid-19. Smt. Jaya Bachchan ji is tested negative for Covid-19. We wish the Bachchan Family to get well soon with a speedy recovery," Tope tweeted.

As per Assistant Municipal Commissioner Vishwas Mote, the rest of the family members - Jaya Bachchan, daughter Shweta Bachchan Nanda and her children Agastya and Navya Naveli - have tested negative for COVID-19.

On Saturday, legendary actor Amitabh Bachchan and son Abhishek Bachchan took to social media to confirm that they have detected positive for coronavirus.

The 'Sholay' actor is reported to be in a "stable" condition with "mild symptoms."
The 77-year-old has been admitted to the isolation unit at Mumbai's Nanavati Super Speciality Hospital.