Disgusting to see what UP Police is doing, says Vishal Bhardwaj

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, April 4: Extending a helping hand to curb the spread of coronavirus, superstar Shah Rukh Khan and wife Gauri Khan have offered their personal office space in Mumbai for quarantine purpose for children, elderly and women.

The information was tweeted by the official Twitter handle of BMC (Brihanmumbai Municipal Corporation) on Saturday that thanked the couple for the gesture.

"Stronger together. We thank Shah Rukh Khan and Gauri Khan for offering their 4-storey personal office space to help expand our quarantine capacity equipped with essentials for quarantined children, women and elderly, Indeed a thoughtful and timely gesture!" the tweet read.

Earlier the 54-year-old superstar and his group companies had pledged to donate to a number of relief funds, including the Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM-CARES) fund and the Maharashtra Chief Minister's Relief Fund to combat the coronavirus.

The 'Devdas' actor had taken to Twitter on Thursday and shared that his companies -- Kolkata Knight Riders, Red Chillies Entertainment, Meer Foundation, and Red Chillies VFX -- are taking several initiatives to support the relief efforts.

The Padma Shri awardee also announced that his initial efforts will be focused on three cities -- Mumbai, Kolkata and New Delhi, "with the realisation that this is a start and we stand ready to contribute in whichever way possible going forward".

Meanwhile, India's tally of coronavirus positive cases rose to 2,902, said the Ministry of Health and Family Welfare on Saturday.

Out of 2,902 cases, 2,650 are active cases and 184 have been cured or discharged or have migrated. The total number of deaths reported due to the disease rose to 68 on Saturday.

Mumbai, Jun 15: Bollywood actor Shah Rukh Khan has paid a heartfelt tribute to actor Sushant Singh Rajput, who was found dead at his Bandra residence in Mumbai on Sunday.

Taking to Twitter, the superstar recalled the 'Kai Po Che' actor's "energy, enthusiasm, and his full happy smile."

Sushant, who was a big fan of Shah Rukh, was often compared to him as both the actors made a successful transition from the small screen to Bollywood without any Godfathers.

Sharing a throwback picture along with Sushant, Khan also noted how much the late actor loved him and asserted that he will surely miss him.

"He loved me so much...I will miss him so much. His energy, enthusiasm, and his full happy smile. May Allah bless his soul and my condolences to his near and dear ones. This is extremely sad....and so shocking!!," the tweet read.

Sushant, 34, committed suicide by hanging himself on Sunday, Additional Commissioner of Police Manoj Sharma confirmed. However, no suicide note has been recovered from Rajput's residence, as per the police and further investigation is underway.

As per the latest development, the body of the actor is brought to Dr RN Cooper Municipal General Hospital from his residence in Bandra.

The actor, who rose to fame with the 2008 television series 'Pavitra Rishta,' made his Bollywood debut with Abhishek Kapoor's 'Kai Po Che' in 2013.

One widely loved actor for his simplicity and humble nature, the actor gave hit movies to the entertainment industry, including MS Dhoni's biopic, where he played the cricketer on screen.

The star was last seen in Nitish Tiwari's 'Chhichhore,' alongside Shraddha Kapoor in 2019.

The news of the sudden demise of the actor left a bevy of his fans, and Bollywood celebrities in shock, triggering an outpouring of condolences.