Akshay Kumar plays don at India-Pak match

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.

Ernakulam, Feb 29: A court here on Friday issued a bailable arrest warrant against Malayalam actor Kunchacko Boban for failing to appear before it for witness examination in an assault case filed by an actress.

Ernakulam Additional Sessions Judge Honey M Varghese issued the arrest warrant.

As per the court's direction, Boban can take bail from police station and appear before court on March 4.

New Delhi, May 29: Actor Pooja Hegde revealed that her Instagram account was hacked after unflattering memes about her colleague Samantha Ruth Prabhu were shared.

Samantha's angry fans are not buying her explanation and it has prompted a Twitter trend #PoojaMustApologizeSamantha.

On Monday night, Pooja put out a tweet that her Instagram had been hacked and was in the process of being retrieved. She urged her fans to not accept any invitations or pass out any personal information to the person asking.

She wrote, "Hi guys, so I've been informed by my team that my insta account has been hacked and my digital team is helping me with it. Please do not accept any invitations or pass out any personal information out to the person asking. Thank you."

An hour later, which she spent "stressing," the 'Mohenjodaro' star tweeted again to say the account was restored and that all activity in the while it had been hacked would be undone.

"Spent the last hour stressing about the safety of my Instagram account. Thanking my technical team for instant help at this hour. Finally, got my hands back on my Instagram Any message, follow back or post in d past hour from my account has been done will be undone. Ty," tweeted Hegde.

The 29-year-old actor announced that her feed has been cleaned up now. Her most recent Instagram post is now one on pet food that she posted three days ago.

In Pooja's tweets, there is no mention of Samantha.

According to the screenshots that are being circulated over social media, a meme of Samantha was posted from Pooja's account. It read, "I don't find her pretty at all."

This tweet has triggered Samantha's fans who have not been pacified by her explanation and are demanding that Pooja apologise, meanwhile Pooja's fans say she has nothing to apologise for.