Girls Have Ability to Help Grow India's Economy: Priyanka Chopra

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.

Mumbai, Feb 27: Bollywood superstar Shah Rukh Khan on Wednesday said it's with constant education that a country, a family can move forward as there is never an end to learning.

In December last year, when the actor visited the Indian Film Festival of Melbourne, the La Trobe University announced the 'Shah Rukh Khan La Trobe University PhD Scholarship'. At the event to announce therecipient of the scholarship here on Wednesday, Shah Rukh said it was his honour to lend his name or be attached to the scholarship.

"I am a big believer in education. I truly believe that the way forward for any country, any family, city, state is by educating itself more and more.

"There is never an end to education. I've come to realise the more I know, I figure out, the less I understand. It's very important to keep educating ourselves for the rest of our lives.

"I've always believed education in India and elsewhere in the world, is the most important step forward for any nation," he said.

The scholarship aims to provides an opportunity for an aspiring female researcher from India to undertake research.

The 54-year-old superstar said what also will help taking the world move ahead is educating women.

"Related to the fact, is of course, education of women, empowering women, to look after themselves to look after their families...

"If you are able to empower them with education, the world goes even further forward," the actor added.

New Delhi, Mar 25: Actor Priyanka Chopra on Tuesday night through an Instagram Live conversation put forward questions about coronavirus to World Health Organisation (WHO) experts and busted some myths about the global pandemic.

WHO General-Director Dr Tedros Adhanom Ghebreyesus and Dr Maria Van Kerkhove, the WHO's Technical Lead, were part of the live conversation which Priyanka shared on her Instagram. More than 45,000 fans participated in the session.

"There is so much information circulating about Covid-19. And right now we're all searching for clarity. My friends at @WHO and @glblctzn graciously brought the doctors working on the front lines here to give us answers straight from the experts. Please take some time to watch my IG Live with Dr. Tedros (General-Director at W.H.O.) and Dr. Maria Van Kerkhove (Technical Lead for Covid-19) from @WHO, who answered some questions that so many of you sent in," Chopra captioned the post.
Bollywood's 'Desi' girl also asked her fans to spread awareness about the disease and tag their friends and family in the post who are looking for answers and action steps.
PC even posted few questions submitted by the general populace and answers to the same on her Instagram story. The first question came from her husband, Nick Jonas, who also joined in on the conversation.

One of the questions was about the latest 21 day lockdown in India. Priyanka and Nick have been in self-isolation for weeks now.