Amitabh Bachchan sharing dais with Raj Thackeray an insult to north Indians: SP leader

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, Mar 4: Miss World 2017 Manushi Chhillar, who is all set to make her acting debut opposite Akshay Kumar in Prithviraj, says she's has always been interested in history.

"While growing up, I was really interested in history, the tales of grand kingdoms and larger than life historical heroes. I had always been fascinated with the story of Prithviraj and Sanyogita and life came to a full circle for me when I was offered this film," Manushi said.

Directed by Chandraprakash Dwivedi, Prithviraj is based on the life and heroism of the king Prithviraj Chauhan. It stars Akshay in the title role while Manushi plays Sanyogita, the love of his life.

For Manushi, being offered Prithviraj by Aditya Chopra was a sweet coincidence. She reveals, 'While growing up, I was really interested in history, the tales of grand kingdoms and larger than life historical heroes.'

The glamourous girl, who has been voted the most desirable woman in the recent past, reveals that she is 'blessed' to be playing the role of the gorgeous Rajput princess.

'When I was given the narration of the film, I had a smile on my face thinking that I’m listening to a story that I had been most interested about reading in school. Prithviraj and Sanyogita is a fascinating story and a beautiful chapter in the history of India and I’m blessed and fortunate to have got the opportunity to bring Princess Sanyogita’s story to life,' she says.

Manushi’s Bollywood debut is being directed by Dr Chandraprakash Dwivedi who directed the biggest television epic 'Chanakya', based on the life and times of the most influential political strategist of India, and the multiple award-winning Pinjar.

'Prithviraj' will release worldwide in Diwali 2020.

Los Angeles, May 2: Pop diva Madonna has revealed that she has tested positive for the COVID-19 anitbodies.

The singer shared the news in the 14th edition of her “Quarantine Diary” on Instagram TV.

“Took a test the other day and I found out that I have the antibodies. So tomorrow I’m just going to go for a long drive in the car, and I’m gonna roll down the window and I’m gonna breathe in the COVID-19 air. Yup. I hope the sun is shining,” Madonna said.

According to Centers for Disease Control and Prevention (CDC), US, antibody tests are used to determine whether or not a person has been exposed to COVID-19 by finding proteins the body produces to fight the virus.

However, the CDC has yet to confirm if the possession of antibodies is equal to immunity.