Kareena Kapoor Khan wishes to work with Pak director Shoaib Mansoor

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.

Kolkata, Jun 2: Artistes of the Bengali film industry are trying to get the best out of their creative side amid the lockdown, with many of them giving shape to innovative concepts and ideas to hook the audience.

A short film 'Grub Ne Bana Di Jodi', with RJ-actor Mir Afsar Ali in the lead, transcends boundaries to bring couples from around the world together on one platform, as they engage in discussions on food and culture.

The shot-at-home film, directed by Satrajit Sen, has Ali giving couples tasks to test their culinary skills.

"This is the time to try new concepts and that, too, without the usual technical support. There is no box office pressure, and people can take their own sweet time to watch the film on YouTube," he said.

Actor Vikram Chatterjee, who recently completed the shoot of 'Pabitra Puppies', a web series about seven friends bonding over video games, said it was an "altogether different experience" with no crew to assist him at home.

"The shooting process was complicated but we had a lot of fun. I was in Mumbai when the lockdown was imposed.

Coordinating with the director and other cast members wasn't easy, but this phase has taught us how to overcome challenges," Chatterjee said.

The series, also starring Sohini Sarkar and Saayoni Ghosh, will be streaming on Hoichoi soon.

Director Shieladitya Moulik's third outing on YouTube, amid the lockdown, has garnered good reviews.

The short film 'Eye Candy' tells the story of a blind couple who had been finding ways to connect with each other.

"I wanted to talk about long-distance relationships, and the problems faced by couples in the midst of the COVID-19 crisis, but not without a twist. I hope the viewers enjoy the short," Moulik said.

Chennai, Feb 5: Income Tax sleuths on Wednesday raided top Tamil film actor Vijay's residence here besides conducting simultaneous searches at several premises linked to a film production house, movie financier and distributors in connection with suspected tax evasion.

The searches, which began in as many as 38 locations in Tamil Nadu, were still on and unaccounted cash of about Rs 25 crore was seized from the premises of a Tamil film financier who had faced allegations of intimidation and arm-twisting to recover money, official sources told PTI.

Also, several documents indicating substantial tax evasion has been seized, sources added.

Vijay, who was away in Cuddalore district for a film shoot, was apprised by authorities about the searches and he was en route to his residence here, they said.

So far nothing has been recovered from the actor's house and the inmates were cooperating with authorities in conducting the searches, sources said.

Raids were also on in the premises of the production house that had made Vijay's hugely successful recent Tamil movie 'Bigil.'

Further details are expected after completion of searches which is likely to continue tomorrow.

The State police has been providing security for carrying out the searches.