Preity Zinta acquitted in cheque-bouncing case against Abbas Tyrewala

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, Jan 13: On the ongoing protests against new Citizenship Law, Bollywood actor Zeeshan Ayub said that everyone has been exposed and the common man has understood everything and the right-wing people cannot make a fool out of them by giving vague statements.

Talking to ANI, Zeeshan said, "Law is supposed to give the citizenship but the way in which the criteria have been changed is the trouble here."

Disagreeing to the continuous statements put forward by the BJP government that CAA is not a hindrance to the citizenship, the actor further said, Things are clear now, people have now understood the facts, the people and the intention behind are now exposed,.. they can't make a fool out of common people any more."

Zeeshan said it actually the other way round, those people are the ones who are misleading the general public by fluctuating their own statements. "Home minister said something, the next day something else is being said in the Ram leela..people are getting confused., the 'Ranjahanna' actor added.

He further said, "Earlier it was Hindu-Muslim propaganda, but that didn't work, so now you are making it a case between two political parties.. basically you are changing your own statements." When asked about his take on the ongoing JNU Violence, the actor said the members of the alleged political party itself have come out and explained their part in the case and yet no action has been taken.

The actor finally said that people should develop a sense of humanity.

Mumbai, Jan 19: An FIR has been registered against actor Shabana Azmi's driver after the car they were travelling in met with an accident on the Mumbai-Pune expressway on Saturday afternoon, police said.

Ms Azmi's driver has been identified as Amlesh Yogendra Kamat.

According to the police, a complaint has been registered by Rajesh Pandurang Shinde, the truck driver whose vehicle was hit from behind by Ms Azmi's car.

"Due to rash driving by the driver, the car hit the moving truck on the Pune-Mumbai Expressway which resulted in the accident," the FIR copy read.

Soon after the accident, Shabana Azmi was immediately rushed to MGM Hospital in Navi Mumbai and was later shifted to the multi-specialty Kokilaben Hospital in Mumbai's Andheri.

According to doctors, she has suffered a head injury and slight damage to the backbone. Her condition is said to be stable, although, she remains under medical observation.

Her husband lyricist Javed Akhtar, who was travelling with her, escaped with a minor injury.