High Court stays Salman Khan's conviction, paves way for his UK visa

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.

Agartala, May 28: Tripura Police has registered a complaint against Bangladeshi singer Mainul Ahsan Nobel, who earned fame in the music reality show 'Sa Re Ga Ma Pa' in Kolkata, for allegedly humiliating Prime Minister Narendra Modi over social media.

The complaint was filed by a resident of Belonia town in South Tripura district who is a student of Pandit Deen Dayal Petroleum University at Gandhinagar in Gujarat.

The complaint was filed on May 25, the person who is called Suman Paul said.

Nobel is not yet a popular singer in Bangladesh and has always been rejected by the audience of that country. He participated in the TV music reality show called Sa Re Ga Ma Pa in Kolkata, earned money, gained fame and returned to Bangladesh. If the person insults our prime minister it cannot be accepted. So I filed the FIR, Paul told reporters.

Belonia superintendent of police Jal Singh Meena confirmed that the complaint was registered and forwarded to Tripura Polices cyber crime cell.

The complaint was registered the same day it was filed at Belonia police station under Indian Penal code sections 500 (punishment for defamation), 504 (intentional insult), 505 (public mischief) and the IT Act.

We have registered the complaint and forwarded it to the cybercrime cell because it is not in the Indian cyberspace. We have started an investigation into the issue, the SP said.

Rajib Dutta, the officer-in-charge of Belonia police station said that as per the complaint the Bangladeshi singer had abused Modi in a Facebook post calling him a "mere chaiwala (tea seller)'.

Mumbai, Jan 10: Superstar Salman Khan on Friday announced that his Eid 2021 release will be titled "Kabhi Eid Kabhi Diwali".

The 54-year-old actor took to Twitter to announce the movie which will be written and produced by filmmaker Sajid Nadiadwala.

"Housefull 4" helmer Farhad Samjhi will be directing the film.

"Announcing my next film... 'Kabhi Eid Kabhi Diwali'. Story and produced by Sajid Nadiadwala. Directed by Farhad Samji. Eid 2021," Salman tweeted.

The actor, whose last release "Dabangg 3" performed moderately at the box office, will next be seen in Prabhudheva's "Radhe". The film will hit the theatres on Eid this year.