"PM Modi Biopic to Release On April 11," Tweets Producer Sandip Ssingh

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.

Los Angeles, Apr 8: American folk legend John Prine has passed away due to the coronavirus complications. He was 73.

Prine, whose coronavirus diagnosis was revealed on March 17, died on Tuesday, his publicist told Variety.

His wife and manager, Fiona, had on April 3 posted on Twitter that Prine was severely ill after being admitted into intensive care unit of a hospital.

In a career spanning over half a century, Prine churned out heartfelt and unforgettable songs like Angel From Montgomery, Sweet Revenge and In Spite of Ourselves .

He was regarded as one of the greatest by many of his peers including Bob Dylan, Johnny Cash, Bruce Springsteen, Bette Midler and many other music legends.

Born on October 10, 1946 in Maywood, Illinois, the singer-songwritter emerged on the Chicago folk scene in the late 1960s, when he was discovered by country star Kris Kristofferson.

He is still remembered for his 1971 anti-war track Your Flag Decal Won't Get You Into Heaven Anymore , which came at the height of the Vietnam War and is still relevant to many till date.

In recent years, he had taken a step back from music but came back in 2018 with the album The Tree of Forgiveness . It was his first LP in 13 years.

Prine was a winner of two Grammy award for best contemporary folk albums -- The Missing Years (1991) and Fair & Square (2005). He was an inductee of the Songwriters Hall of Fame and also bestowed with Grammy Lifetime Achievement Award.

The news of his demise sent shockwaves across the music industry, with stars like Bruce Springsteen, Kacey Musgraves, Bonnie Raitt, Bette Midler and others paying their tributes to the legend.

Over here on E Street, we are crushed by the loss of John Prine. John and I were "New Dylans" together in the early 70s and he was never anything but the lovliest guy in the world. A true national treasure and a songwriter for the ages. We send our love and prayers to his family, Springsteen wrote in a post on Twitter.

While Musgraves posted, Heartbroken.

Raitt, who recorded Angel from Montgomery in the 1970s, said he is feeling crushed after learning about Prine's demise.

Words can't even come close. I'm crushed by the loss of my dear friend, John. My heart and love go out to Fiona and all the family. For all of us whose hearts are breaking, we will keep singing his songs and holding him near, he wrote.

Midler shared a news link about Prine, saying, He's gone.

Mumbai, Jun 16: The International Space University (ISU) in France has paid homage to Sushant Singh Rajput in a statement, saying the news of the actor's death was "deeply saddening".

Rajput was found dead in his Bandra apartment on Sunday.

According to an official, Mumbai Police found out during the probe that the 34-year-old actor was under medication for depression.

The official Twitter handle of ISU on Monday tweeted how Rajput was supposed to visit the campus last year but was unable to due to scheduling conflict.

"We are deeply saddened by the dramatic news on the death of well known Indian actor Sushant Singh Rajput. Mr Singh Rajput was a believer and strong supporter of STEM education and was following ISU on social media.

"He had even accepted an invitation to visit ISU's Central Campus in the summer of 2019 but other agenda priorities prevented him from travelling to Strasbourg," the statement by the university read.

ISU paid condolences to Rajput's family and friends, saying the actor's memory will "remain among his thousands of followers across India and all over the world".

Rajput had enrolled at Delhi Technical University (DTU) in 2003, which was then known as Delhi College of Engineering, but left the course to pursue his showbiz dreams.

Even after leaving the four-year degree course, he remained fascinated with science and had a deep interest in astronomy.

As part of his research for the film "Chanda Mama Door Ke", he also visited the National Aeronautics and Space Administration (NASA) in 2017.

Rajput had stayed in NASA to train for his role as an astronaut for the film, which was eventually shelved.

The actor also owned Meade 14" LX600 telescope.