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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.

New Delhi, Jul 9: Several Bollywood celebrities including Anil Kapoor, Shatrughan Sinha and Anupam Kher mourned the demise of actor Jagdeep.

The veteran actor, whose real name was Syed Ishtiaq Ahmed Jafri, passed away on Wednesday. He was 81.

Anil Kapoor took to Twitter soon after the demise of the 'Sholay' actor and remembered working with him in 'Ek Baar Kaho.'

"Jagdeep Saab was one of the greatest actors of India...I was his huge fan & was lucky enough to have worked with him in Ek Baar Kaho & many more films...he was always extremely supportive & encouraging...sending my heartfelt condolences & prayers to my friend Javed & family," tweeted Kapoor.

Senior actor Anupam Kher also took to Twitter to express grief. He also recalled a conversation that he had with the late actor about how difficult it is to make people laugh.

"Ek Aur sitaara zameen se aasmaan mein jaa pahucha. #Jagdeep saab hindi film jagat ke eik bahut hi behtareen kalakar the. Eik hasya abhineta ke naate unka koi saani nahi tha. Eik party mei bahut saal pehle unhone mujhse kaha tha, "barkhurdaar! hasna aasan hai, hasaana bahut mushki hai," aapki kami bahut khalegi," tweeted Kher.

Shatrughan Sinha penned a long note for the departed actor on Twitter.

"Deepest condolences on the sad demise of veteran actor, comedian par excellence, iconic #Jagdeep. He was a great human being & very down to earth. I was not only his neighbour during my initial years but also bought my first car 'Austin' from him," he wrote.

"I had the privilege of working with him in many films including late & great #HarmeshMalhotra films & of course in #RatanMohan Jaggu. He will be remembered for the joys & laughter he brought on screen effortlessly, right from Hum Panchi ek daal ke to the epic #Sholay, entertaining us for almost 6 decades," he added.

Sinha ended the note by extending condolences to his family.

"We have lost one of the finest comedians....the great 'Sholay' of an actor 'Soorma Bhopali'! You will remembered through your legacy & will be fondly missed too. Heartfelt prayers & strength to his sons, wonder actor @jaavedjaaferi @NavedJafri & family. Rest in peace," tweeted Sinha.

Riteish Deshmukh and Genelia Deshmukh also took to Twitter to condole the demise of the veteran actor.

"Thank you #Jagdeep sahab for enriching our lives with laughter and happiness that will be cherished for a lifetime. Rest In peace Sir. Deepest Condolences to the family, friends and millions of his fans(just like me)," tweeted Riteish.

"Dearest @jaavedjaaferi @NavedJafri_BOO @MeezaanJ am extremely sorry for your loss. May god give you strength in this difficult time. Big hug," he added.

Riteish's wife and 'Jaane Tu Ya Jaane Na' actor Genelia tweeted, "RIP Jagdeep Sahab ... Remember shooting with you during Life Partner and cracking up with laughter all through the scene.. I consider myself extremely fortunate to have got that chance to work with you.. All my condolences to the family."

Actor Abhishek Bachchan also took to Twitter to express sorrow.

"May you rest in peace Jagdeep sahab. Thank you for filling our lives with smiles," he tweeted.