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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News Network
February 10,2020

Feb 10: Bong Joon-ho’s film “Parasite” starts in a dingy, half-basement apartment with a family of four barely able to scratch out a life. There must be no place to go but up, right? Yes and no. There’s nothing predictable when the South Korean director is on his game.

This dark, socially conscious film about the intertwining of two families is an intricately plotted, adult thriller. We can go up, for sure, but Bong can also take us deeper down. There’s always an extra floor somewhere in this masterpiece.

It tells the story of the impoverished four-person Kim family who, one by one, and with careful and devious planning, all get employed by the four-person affluent Park family — as a tutor, an art teacher, a driver and a housekeeper. They are imposters stunned by the way wealth can make things easier: “Money is an iron. It smooths out all the creases,” says the Park patriarch with wonder.

Bong, who directed and wrote the story for “Parasite,” has picked his title carefully, of course. Naturally, he’s alluding to the sycophantic relationship by a clan of scammers to the clueless rich who have unwittingly opened the doors of their home on a hill. But it’s not that simple. The rich family seem incapable of doing anything — from dishes to sex — without help. Who’s scamming who?

Bong’s previous films play with film genres and never hide their social commentary — think of the environmentalist pig-caper “Okja” and the dystopian sci-fi global warming scream “Snowpiercer.” But this time, Bong’s canvas is a thousand times smaller and his focus light-years more intense. There are no CGI train chases on mountains or car chases through cities. (There is also, thankfully, 100% less Tilda Swinton, a frequent, over-the-top Bong collaborator.

The two Korean families first make contact when a friend of the Kim’s son asks him to take over English lessons for the Park daughter. Soon the son (a dreamy Choi Woo-sik) convinces them to hire his sister (the excellent Park So-dam) as an art teacher, but doesn’t reveal it’s his sis. She forges her diploma and spews arty nonsense she learned on the internet, impressing the polite but firm Park matriarch (a superb Jo Yeo-jeong.)

The Park’s regular chauffer is soon let go and replaced by the Kim patriarch (a steely Lee Sun-kyun). Ditto the housemaid, who is dumped in favor of the Kims’ mother (a feisty Jang Hye-jin.) All eight people seem happy with the new arrangement until Bong reveals a twist: There are more parasites than you imagined. The clean, impeccably furnished Park home will have some blood splashing about.

Bong’s trademark slapstick is still here but the rough edges of his often too-loud lessons are shaved down nicely and his actors step forward. “Keep it focused,” the Kim’s son counsels his father at one point. Bong has followed that advice.

There are typically dazzling Bong touches throughout. Just look for all the insect references — stink bugs at the beginning to flies at the end, and a preoccupation with odor across the frames. And there’s a scene in which the rich matriarch skillfully winds noodles in a bowl while, in another room, duct tape is being wrapped around a victim and classical music plays.

Bong could have been more strident in his social critique but hasn’t. There are no villains in “Parasite” — and also no heroes. Both families are forever broken after chafing against each other, a bleak message about the classes ever really co-existing (Take that, “Downton Abbey”).

“Parasite” is a worthy winner of the Palme d’Or at the Cannes Film Festival, the first South Korean movie to win the prestigious top prize. The director has called it an “unstoppably fierce tragicomedy.” We just call it brilliant.

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News Network
June 6,2020

Indore, Jun 6: An FIR has been registered against television producer Ekta Kapoor and two others here in Madhya Pradesh on charges of spreading obscenity, hurting religious feelings, and improper use of national emblems in her web show 'Triple X season 2', police said on Saturday.

The FIR also mentions about a particular scene which allegedly portrays the Indian Army's uniform in a highly objectionable way, an officer said.

Besides Kapoor, the FIR names director of the web series Pankhudi Rodrigues and screenwriter Jessica Khurana, said Annapurna police station inspector Satish Kumar Dwivedi.

The complaint was lodged on Friday night by Valmik Sakaragaye and Neeraj Yagnik, both residents of Indore.

"Ekta Kapoor's OTT platform ALTBalaji streamed (erotic) web series 'Triple X season 2' which not only spread obscenity but also hurt religious feelings of a particular community," Dwivedi said quoting the complaint.

A scene in the web show portrayed the Indian Army's uniform in a highly objectionable manner and also disrespected the national emblems, he said.

Kapoor and others have been booked under sections 294 (obscene acts and songs) and 298 (Uttering, words, etc., with deliberate intent to wound the religious feelings of any person) of the Indian Penal Code, Information Technology (IT) Act, and the State Emblem of India (Prohibition of Improper Use) Act, 2005, Dwivedi said.

Mumbai-based Ekta Kapoor is the founder of ALTBalaji, which is owned by her production house, Balaji Telefilms.

Further investigation is underway, the police officer said.

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Agencies
March 14,2020

Los Angeles, Mar 14: Hollywood superstar Tom Hanks and his wife Rita Wilson on Friday gave a health update from coronavirus quarantine, saying they are taking it "one day at a time".

The couple, who is in isolation at a hospital in the state of Queensland in Australia, said they are being well cared for.

"Hello folks. @ritawilson and I want to thank everyone here Down Under who are taking such good care of us. We have COVID-19 and are in isolation so we do not spread it to anyone else.

"There are those for whom it could lead to a very serious illness. We are taking it one-day-at-a-time.There are things we can all do to get through this by following the advice of experts and taking care of ourselves and each other, no?" Hanks posted on Instagram.

The post was accompanied by a photograph that showed the couple smiling.

Hanks announced on Thursday that he and his wife have been tested positive for the novel coronavirus.

The actor couple, who is currently in Australia to shoot for the pre-production of Baz Luhrmann's untitled Elvis Presley film, decided to get tested after they felt "a bit tired".

The deadly virus that first originated in the Chinese city of Wuhan in December last year has claimed over 4,200 lives and infected more than 117,330 people across 107 countries and territories, with the World Health Organisation on Wednesday describing the outbreak a pandemic.

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