PVR takes cost reduction steps; plans to raise Rs 300 cr via rights issue

News Network
June 9, 2020

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.

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Agencies
June 16,2020

Mumbai, Jun 16: Director Abhinav Singh Kashyap appealed to the government to launch a detailed investigation into the demise of actor Sushant Singh Rajput and shared a hard hitting Facebook post about his own experience of bullying in the Bollywood industry.

The 'Dabangg' director wrote, "My experience is no different. I have experienced exploitation and bullying first hand."

He further said, "Arbaaz Khan on Dabangg and ever since. So here is my story 10 years after Dabangg. The reason I moved out of making Dabangg 2 ten years ago is that Arbaaz Khan in collusion with Sohail Khan and family was trying to take control of my career by bullying me. because Arbaaz Khan sabotaged my second project with Shree Ashtavinayak Films that I was signed up with by personally calling their head Mr. Raj Mehta and threatening him with dire consequences if they made a film with me. I had to return the signing money to Shree Ashtavinayak films and moved to Viacom Pictures. They did the same thing. Only this time the sabotager was Sohail Khan and he intimidated the then Viacom CEO Vikram Malhotra. My project was sabotaged and I was made to return my signing fee of Rupees 7 Crores plus interest of Ninety odd lacs. Its only then that Reliance Entertainment came to my rescue and we forged an enduring partnership for my film Besharam."

The 'Yuva' director added, "But to behold... Mr Salman Khan and family sabotaged the release of the film and got their PROs to run a sustained negative smear campaign against me and my film Besharam before release. This scared the distributors from buying my film. Reliance Entertainment and I were capable and courageous enough to release the film ourselves but the battle had just begun. My enemies, which there were many ran a sustained negative Trolling and badmouthing campaign against the film till the Box Office of my film collapsed. But to their horror, Besharam had still netted 58 crores before it went out of theatres."

"So they fought on... They sabotaged the Satellite release of the film that was pre-sold to Mr Jayanti Lal Gada who was the main agregator for Zee Telefilms those days. With Reliance's goodwill, they were able to re-negotiate the satellite rights sale with Gada for a much lesser price," he further said.

Talking about his projects and how they were affected, Kashyap added, "Over the next few years, all my projects and creative endeavours have been sabotaged and I have been repeatedly threatened with life and rape threats given to/for the female members of my family. The sustained gaslighting and bullying destroyed my mental health and that of my family and led to my divorce and breaking up of my family in 2017. They erred and sent some of these threats as texts, sent to me as sms from several numbers. Armed with evidence, I went to the police in 2017 to file an FIR which they refused to register but registered a non-cognizable complaint. When the threats continued, I forced the police to trace the numbers but they couldn't be traced back to Sohail Khan (the suspected sender). My complaint remains open to date and I still have all the evidence."

The director further wrote, "My enemies are sharp, cunning and always attack me from the back and stay Hidden. But the best part is after 10 Arbaaz Khan and Sohail Khan years, I know who my enemies are. Let it be known that they are Salim Khan, Salman Khan, Arbaaz Khan and Sohail Khan for. There are many other small fry's but Salman Khan family is the head of this venomous serpent. They use a clever mix of their ill-gotten money, political clout and connections with the underworld to intimidate anyone and everyone. Unfortunately truth is on my side and I am not going to give up like Sushant Singh Rajput. I refuse to cow down and will fight on till I see the end of either them or me. Enough tolerance. It's time to fight back."

The 'Dabangg' director wrote, "The suicide of Sushant Singh Rajput brings to the forefront a much bigger problem of what many of us have been dealing with. Exactly what might compel a person to commit suicide?? I fear his death is just the tip of the iceberg just like the #metoo movement was for a much bigger malaise in Bollywood."

Kashyap also made allegations that talent management agencies ruin the career and life of an actor, "The death of Sushant Singh Rajput brings under scanner the role YRF talent Management Agency might have played in pushing him towards his suicide but that is for the authorities to investigate. These people don't make careers. They ruin your career and life. Having suffered personally for a decade, I can confidently say every Talent Manager and all Talent Management Agencies of Bollywood are a potential death Trap for Artists. They are all basically white collared Dalaals and everyone is involved. They all have an unspoken code of conduct they adhere to. Their one simple mantra is, 'Hamaam me sab nange aur jo nange nahin hain, unko nanga karo kyonki agar ek bhi pakda gaya to sab pakde jayenge'. Following is mostly their modus Operandi'."

The director shared how the agencies find talented people and get them to sign a contract, "First the talent scout (Casting Directors, etc.) working on a cut/commission spots a needy wild talent from out of Mumbai with little connections or property. The talent is then lured with free invites to Bollywood parties and random Restaurant launches on the pretext of introducing them to celebrities. The Blinding glamour of celebs and lure of easy money is unleashed on the unsuspecting. Mind you they are all ignored and treated very badly at these parties so they feel demoralized and their self-confidence breaks."

He added, "Once the confidence is broken, the scouts offer them a multi-year exclusivity contracts and pressure them to sign-up for it by promising to protect them from predators or offering a pittance. Mind you, breaking these legal contracts means heavy penalties for these budding talents but the scout makes sure through bullying and coercion that there is very little option for the talent but to sign up. Once the talent is signed up with the Talent management agency, they give up their right to exercise free choice and their discretion in any matter concerning career and they are made to work as bonded labor with very little money. Even if they are brave and manage to escape the clutches of their Talent Management agency somehow, they are systematically boycotted and their name smeared till they jump ship to another Agency in the hope of a better tomorrow."

Talking further about the struggle of an actor, Kashyap said, "But that tomorrow never comes. Their new agency turns out to be the same. Over a period of few years, mostly the prime of any actor, the talent is repeatedly broken till they either commit suicide or they succumb to Prostitution and escort services (Yes male escorts also) to feed the ego and sexual appetite of the rich and powerful, not just in Bollywood but also in Corporate world and politics."

He concluded by writing, "So this is not a threat, it's an open challenge. Sushant Singh Rajput has moved on and I hope he is happier wherever he is but I will make sure that no more innocent will kill himself over lack of work with dignity in Bollywood. I hope suffering actors and creative artists will share my post on various social media platforms as will the media and people who patronize the entertainment industry."

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Agencies
February 7,2020

Kochi, Feb 7: The younger brother of noted playback singer K J Yesudas was found dead in the backwaters near here, police said.

The body of 62-year old K J Justin, who had reportedly gone missing from his house in Thrikkakara near here on Tuesday evening was found floating in the backwaters near Vallarpadam Container Terminal on Wednesday, they said.

The relatives identified the body, police said adding it was later sent for autopsy at General Hospital here.

A General Hospital spokesperson said the body was handed over to his relatives on Thursday evening after autopsy was performed.

The funeral is expected to be held after the arrival of Yesudas from abroad, police sources said.

Police said the initial investigation suggested it was a case of suicide.

According to police, Jusin's relatives have informed the investigation team that he had been showing signs of suicidal tendency for the last one week as he was allegedly facing some financial problem.

His relatives were not available for comments.

Son of the renowned musician late Augustine Joseph, Justin is survived by his wife.

Justin had been a regular presence at popular ganamela programmes here in the past, sources said.

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News Network
April 12,2020

Los Angeles, Apr 12: Pop star Rihanna has asked her fans, who are demanding her to release her new album soon, to back off as her prime focus right now is doing her bit in saving the world from the coronavirus pandemic.

The Grammy winner was one of the first Hollywood personalities who pledged support towards the relief efforts in fighting the COVID-19 outbreak.

Rihanna has been teasing new for quite some time now and eager admirers got an earful from her during an Instagram Live. Her last studio album was 'Anti' which was released in 2016.

Taking a swipe at US President Donald Trump, the Barbadian singer said, "If one of y'all ask me about the album one more time when I'm tryna save the world, unlike y'all president....on sight."

Rihanna's non-profit organisation Clara Lionel Foundation (CLF) and Twitter CEO Jack Dorsey recently donated USD 2.1 million each to help victims of domestic violence in Los Angeles during the COVID-19 stay-at-home order.

Also CLF and and rapper Jay-Z's Shawn Carter Foundation donated USD 2 million to support undocumented workers, the incarcerated, homeless and elderly populations, and children of frontline healthcare workers in Los Angeles and New York City amid the coronavirus pandemic.

Earlier, Rihanna, through CLF, also donated USD 5 million to support Direct Relief, Partners In Health, Feeding America, the International Rescue Committee and World Health Organization's COVID-19 Solidarity Response Fund as they continue to fight the pandemic in the US, the Caribbean and Africa.

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