Rajinikanth Thanks Jayalalithaa Government for Sivaji Memorial

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.

Washington, Feb 19: Popular Indian-American stand-up comedian Hasan Minhaj, who has been critical of both US President Donald Trump and Prime Minister Narendra Modi, would perform at the annual dinner of the White House Correspondents Association.

Hasan Minhaj, whose parents come from Aligarh in Uttar Pradesh, will serve as the entertainer at the event.

Kenan Thompson, the actor, and longest-tenured Saturday Night Live cast-member will serve as the host for the annual White House Correspondents Association's (WHCA) dinner on April 25.

"Hasan Minhaj, the Peabody award-winning host of Netflix's Patriot Act with Hasan Minhaj, will return to the dinner as featured entertainer," the WHCA announced.

"Kenan and Hasan are two of the most engaged and engaging entertainers in America. I'm thrilled they'll help us celebrate the role of a free press in our democracy," said Jonathan Karl, Chief White House Correspondent for ABC News and president of the WHCA.

"We're looking forward to a lively evening honouring the most important political journalism of the past year," he said.

President Trump who has skipped the WHCA dinner for the last three years is unlikely to attend this time as well.

Hasan Minhaj has hosted his Netflix show since 2018, drawing critics' raves, including a Peabody award in 2019, for his humorous and informed examination of issues of domestic and global import.

He was the entertainer at the 2017 WHCA Dinner when he was a senior correspondent on The Daily Show. His one-hour Netflix comedy special Hasan Minhaj: Homecoming King was released in 2017, for which he won his first Peabody Award in 2018.

Kenan Thompson began his career as a member of Nickelodeon's sketch series All That. Kenan Thompson is currently in his 17th season on SNL where he has set a record for the most celebrity impressions performed on the show.

In 2018, he received an Emmy Award for Outstanding Original Music and Lyrics and a nomination for Outstanding Supporting Actor in a Comedy Series.

At its annual dinner, WHCA will be presenting two new awards at the 2020 dinner: The Katharine Graham Award for Courage and Accountability and the Award for Excellence in Presidential News Coverage by Visual Journalists.

These are in addition to the longstanding Aldo Beckman Award for Overall Excellence in White House Coverage and Merriman Smith Award for Excellence in Presidential News Coverage Under Deadline Pressure.

This year's dinner will also include the inaugural presentation of the Collier Prize for State Government Accountability, administered by the University of Florida''s College of Journalism and Communications to recognize outstanding statehouse reporting.