PVR takes cost reduction steps; plans to raise Rs 300 cr via rights issue

News Network
June 9, 2020

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.

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News Network
April 16,2020

New Delhi, Apr 16: Actor Salman Khan on Thursday put out a sharp message to the "jokers" who were flouting government-imposed guidelines and venturing out during the ongoing lockdown, putting at risk countless lives to the deadly coronavirus.

In his characteristic 'Bhai' style, Salman also appealed to people to not attack doctors, nurses and police personnel who are in the frontline of the battle against COVID-19.

In a 10-minute hard hitting video shared on Instagram he begins with a "Hello, namaste, salaam, sasriyakaal, Kem Cho' in typical TV reality show 'Big Boss' style and goes on to say 'Zindagi ka Bigg Boss' has begun with the entire country staying in lockdown mode at home.
He said he had taken a two-day "chhutti" (leave) but "This corona, COVID-19 has given everyone a 'chutti'."

Khan said he was staying at his farmhouse in Panvel near Mumbai with his family including his mother, two sisters their children and some other people who had come to visit.

In the video he said that he had sent a friend to get rations for the family from a village around five kilometres away. He recounted that the police stopped him and in the process, his friend took off the mask to speak to the policeman who reprimanded him and asked him to put the mask back on. Salman said that he too chided his friend for doing such a thing.

"Don't go out, don't do social gatherings, stay with your family, the government has said if you are doing namaaz, do it at home, do pooja at home..." the actor said, adding that those who had a wish to kill their families should step out.
"Go out get your ration, nobody is stopping you, go nearby but wear your masks, your gloves, go alone," the actor said underlining that the government has assured that everybody will get ration.

The actor said that whoever does not understand a coronavirus positive patient's pain is anti-human.

He pointed out that doctors, nurses and policemen are putting in long hours to curb the spread of coronavirus and urged people to respect their work and stay inside.

The actor said policemen would not have taken action and hit people if they followed guidelines and stayed inside. "If you weren't going out with friends, police wouldn't have hit you. Do you think police are enjoying it?," he asked.

"Doctors and nurses are working to save your lives and what do you do? You started pelting stones at them? Those who have been diagnosed with coronavirus, are running away from the hospitals. Where are you running? Towards life or death?," he questioned in his video.

The 'Dabangg 2' star appreciated the efforts by the frontline warriors and said, "the virus that started in China is over in China now, but because of a few jokers, the whole of India will sit at home for a long time."

The 54-year-old star said that he was aware of many people who wouldn't come out of their homes earlier but have started doing so since they've been asked to not go out.

"You are putting everyone's lives at risk," the Bajrangi Bhaijaan actor said.

Salman concluded by urging people to respect the work of the doctors, nurses, police personnel and those who work in banks, take care to ensure that the disease does not spread further and pray that it does not come to a situation where the military has to be called in to stop people from doing the wrong thing.

Filmmaker Vivek Ranjan Agnihotri took to Twitter to shared the video message. "Very well said @BeingSalmanKhan I hope wisdom prevails everywhere," he tweeted.

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News Network
January 23,2020

Jan 23: Calling himself an optimist who believes in the goodness of people, director Kabir Khan says everything these days is being looked at through the prism of religion but India is about more than that.

The director of blockbusters such as Bajrangi Bhaijaan and Ek Tha Tiger said he is happy he has a platform as a filmmaker to present a counterpoint to the prevailing narrative based on religious fault lines.

"I’m an optimist who believes in the goodness of the people. But yes, there is a certain level of bigotry that has crept in. Everything is being looked at through the prism of religion but India is not about that.

"It sounds like a cliché but when I was growing up, I was not aware of my religion. That was the greatness of this country,” Kabir told news agency.

He said he is a product of a mixed marriage and is pained to see the social fabric being tattered.

“I have celebrated the best that Indian secularism has to offer. But to see the greatness of this country being simplified and broken down into religious fault lines is a painful experience,” he added.

According to Kabir, it is dangerous to see history through the prism of religion, whether in cinema or society. But it is important to revisit history to know what happened and one can always find something that is relevant for the present, he said.

The director, who started as a documentary filmmaker, returns to his roots for a five-episode series on Subhas Chandra Bose's Indian National Army, The Forgotten Army: Azaadi Ke Liye, on Amazon Prime, his most expensive project yet.

Asked whether this is a difficult time for filmmakers, Kabir said he believes art thrives in the time of strife and, as a storyteller, his politics will always reflect in his work.

“Every film has its politics and every filmmaker has to reflect his or her politics. Every film of mine will reflect my politics and it will never change according to the popular mood of the audience. But a film should not be just about that. Politics should be in the layers beneath," he said.

He terms his 2015 Salman Khan-starrer Bajrangi Bhaijaan an "extremely political" film. At face value, it can also be enjoyed as the story of a mute Pakistani girl who drifts into India and is taken back to her homeland by a Hanuman devotee. But there is so much more. The "chicken song", for instance, was a sly reference to the beef ban controversy at the time, he said.

"I won’t say it is a difficult time for me as a filmmaker. It is good that I have a platform where I can talk and present a counterpoint and I refuse to believe that the entire country believes the narrative that is being sent out. There are millions and millions of people, and perhaps the majority, that does not believe. And if I present the counterpoint, they will think about it.”

Discussing his new series, the director said it has always fascinated him that the sacrifice of the men and women who comprised the INA is just a forgotten footnote in history.

“I wanted to make something that stands the test of time. It goes down in posterity,” Khan, who first explored the subject in a Doordarshan documentary 20 years ago, said.

For the documentary, he traveled with former INA officers Captain Lakshmi Sahgal and Captain Gurbaksh Singh Dhillon from Singapore to India via erstwhile Burma, retracing the route that the INA followed.

“The documentary got me a lot of attention and acclaim but the story just never left me. It's actually the first script I ever wrote and I landed up with that script in Bombay from Delhi. I realised very soon that nobody's going to give me a budget of this size to make my first film.

"And then after every film, I would pick up the script and say, ‘Okay, this is the one I want to make’, because this is the story that made me want to become a filmmaker. On the way, I ended up making eight other films but this is really the story that I wanted to make,” he said.

Kabir is happy that the story has come out as a series, not a film, as it would have required to compromise with the budget and other elements.

"Without giving any numbers, this is the most expensive project I have ever worked on… It required that kind of budget."

Kabir believes the INA was responsible for bringing down the morale of the British establishment, which realised it would be impossible to keep the country colonised without the support of the local army.

"There are a lot of debates and discussions about what happened with the INA and the controversies around it. The whole point is that, if you want to judge what the Army did, sure that's your prerogative, but at least get to know what they did. Nobody knows what happened with the Army from 1942 to 1945."

He added that 55,000 men and women of the INA fought for independence and 47,000 of them died.

"Not a single person from that Army was ever taken back into the independent Army, which is such an amazing fact... the fact that the British called them traitors became the narrative and we also started assuming that they were traitors."

"They were the only women's regiment in the whole world 70 years ago. That's what they thought about women's importance in society. I don't know whether they will be happy with what the current situation is," he said.

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News Network
April 6,2020

New Delhi, Apr 6:  In an attempt to pump up Indians with positivity amid the testing times of coronavirus, Bollywood's most prominent actors like Akshay Kumar, Kartik Aaryan, Tiger Shroff, Taapsee Pannu, Kiara Advani, joined hands and launched a hope anthem - 'Muskurayega India.'

The song is set on the optimistic theme that sends out the message that the country will smile again if the country supports each other in the current crisis situation.

An initiative of Akshay Kumar's Cape of Good Films, the video of the song features all the lead actors of the industry including Ayushmann Khurrana, Bhumi Pednekar, Sidharth Malhotra, Vicky Kaushal, Raj Kumar Rao, Ananya Panday, Kriti Sanon, Jacky Bhagnani, and Rakul Preet.
Curated by Jackky Bhagnani's music label JJust Music and composed and sung by the talented Vishal Mishra, 'Muskurayega India' is a symbol of India's spirit of solidarity, battling against the coronavirus pandemic.

The soulful song penned by Kaushal Kishore also features cricketer Shikhar Dhawan and famous Mumbai based Radio Jockey Malishka.
The video of the song starts with Prime Minister Narendra Modi's televised address in which he is seen assuring the country that every Indian will come out victorious from the coronavirus crisis.

The video then features all the prominent faces of the cinema industry giving out the message of hope from their balconies, terrace and other spots of their houses.

The song urges people to stay home and support the people who are working to combat the virus, like police officials, and medical practitioners on duty amid the lockdown.

A locked-down view of some of the most prominent spots in the country like the India Gate, Hawa Mahal, and Mumbai's beaches are also featured in the video.

The song also spreads the message of social distancing and washing of hands to keep the infection away.

The video ends with a rhythm of the national anthem with the celebrities standing still to honour it and finally fades away with the Indian national flag.

As the country battles the novel coronavirus, the song is an attempt to uplift the spirit of togetherness of every Indian during the unprecedented crisis.

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