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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: The 11th edition of KASHISH Mumbai International Queer Film Festival is going virtual this year due to the COVID-19 lockdown. The festival is coming up with a full-slate of 157 films from 42 countries.

Tipped as South Asia's biggest LGBTQIA+ film festival, it is the first Indian film festival to come up with a slate of new programs for this year.

The slate of films include 30 films from India, as well as films from countries like Belarus, Iran, Iceland, Lebanon, Macedonia, Malaysia, Puerto Rico, Tunisia, etc.

"We are extremely delighted to launch the registration for the KASHISH 2020 Virtual with a full slate of films as well as panel discussions, filmmaker Q&As, etc, almost replicating the ground event. Only this year not only Mumbaikars but people across India and the world can participate in the festival and enjoy amazing LGBTQIA+ films, discussions and performances!", said Sridhar Rangayan, festival director.

"We are thrilled by almost 95 per cent of the filmmakers whose films were selected to screen at the ground festival, agreeing to screen with us at our online festival. We are overwhelmed by the response from the filmmakers, and we are really glad to reach their films out to the world. This speaks a lot about their trust and support towards the festival", said Saagar Gupta, Director, Programming.

The registrations to attend the festival is now open and details can be viewed at the festival website http://mumbaiqueerfest.com/attend/ along with information about the film line-up. There are early-bird full-festival passes at a modest price in India and outside India. The early-bird offer will be open for a week.

Bhubaneswar, Jul 25: The COVID-19 pandemic has hit many people hard, and the latest victim of the pandemic is Bollywood actor Kartika Sahoo from Odisha. With the entertainment industry almost non-functional and most productions on hold, the actor is forced to sell vegetables for a living.

Sahoo, who hails from the from Garadpur block of the Kendrapada district in Odisha, said that he went to Mumbai to try his luck in Bollywood at the age of 17. For many years he worked as a bodyguard to film stars and cricketers such as Amitabh Bachchan and Sachin Tendulkar, among others.

Lady luck shone on him in 2018, and he landed noticeable roles in the action sequences of many movies, he said while speaking with news agency. He also has a fight sequence with Akshay Kumar in his upcoming film 'Sooryavanshi'.

Just before the nationwide lockdown which started on March 22, Sahoo had returned home to Odisha after shooting a fight sequence in Jaipur. Since then, with no work, the actor has been living off his savings to sustain his family. But, after four months of no work, and a medical emergency, a major part of his savings was drained.

To find work, he moved to state capital Bhubaneswar, but to no avail. In the end, Sahoo had to resort to selling vegetables in Rasulgad there.

Sahoo is still hopeful and said that he'll again try his luck in Bollywood once the situation is back to normal, till then he'll struggle, like others, for survival.