'Liar's Dice' to represent India at Oscars

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.

Mumbai, Mar 28: Bollywood superstar Akshay Kumar has donated Rs 25 crore to Prime Minister Narendra Modi''s initiative PM CARES Fund to lend support to the ongoing battle against the coronavirus pandemic.

Akshay wrote on Twitter: "This is that time when all that matters is the lives of our people. And we need to do anything and everything it takes. I pledge to contribute Rs 25 crores from my savings to Narendra Modi ji''s PM-CARES Fund. Let''s save lives, Jaan hai toh jahaan hai."

Earlier, the government set up the Prime Minister''s Citizen Assistance and Relief in Emergency Situations Fund, or the PM CARES Fund, with the objective of dealing with emergency situations such as the ongoing COVID-19 pandemic. Contributors to the fund will enjoy tax benefits, it has been announced.

"People from all walks of life expressed their desire to donate to India''s war against COVID-19. Respecting that spirit, the Prime Minister''s Citizen Assistance and Relief in Emergency Situations Fund has been constituted. This will go a long way in creating a healthier India," PM Modi announced in a tweet on Saturday.

The Prime Minister is the chairman of the trust that includes the home minister, the finance minister the defence minister

Feb 2: After creating a buzz with her recent low-key marriage, actor and model Pamela Anderson recently broke off her marriage with famous movie mogul Jon Peters, after just 12 days the wedding, reported Fox News.

The couple got married on January 20 in Malibu, California in a private marriage ceremony.

The Hollywood Reporter broke the news of the couple's split on Saturday stating that the pair has decided to "uncouple."

"I have been moved by the warm reception to Jon and my union. We would be very grateful for your support as we take some time apart to reevaluate what we want from life and from one another," Fox News quoted Anderson saying.

"Life is a journey and love is a process. With that universal truth in mind, we have mutually decided to put off the formalization of our marriage certificate and put our faith in the process, "she added.

Fox News further quoted a source close to Anderson as saying, "She's known Jon forever, but she never lived with him, contrary to some reports. And until you live with someone... Well, let's just say Pamela asked for a break. She is heading back to her compound in Ladysmith, Canada, to be with her family."

According to Fox News, the couple did not have any official marriage license.