Salman, Katrina to reunite soon

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, May 10: While people across the country have been spending a lot of time at home owing to the lockdown, superstar Shah Rukh Khan on Saturday provided a unique platform for all the aspiring filmmakers to produce some 'fun, creative and... spooky' video.

The 54-year-old actor shared a statement on Instagram, detailing about the opportunity for the filmmakers to channel their inner "filmmaking ghost to make a scary indoor film with an element of horror in it."

Taking it to the captions, the 'Don' actor wrote: "Since we've all got a bit of time on our hands in quarantine, thought I can get us all to work a bit... in a fun, creative and... spooky way!"

In the post, titled with a hashtag 'SpookSRK,' the actor has listed down the rules to be followed while making the video and shared the email link to submit their work.

The 'Dilwale' actor also announced that the selected "three winners" will get a chance to video call the star himself.

Wrapping the post on a lighter note, he added: "I will be sending in my film as well...P.S - Ghosts are welcome to send their entries too."

This comes a day after the first trailer launch of Shah Rukh's new Netflix horror series 'Betaal'.

SRK's Red Chillies Entertainment is producing the horror-thriller. The new series also stars Vineet Kumar, Aahana Kumra, Suchitra Pillai, Jitendra Joshi, Manjiri Pupala, and Syna Anand.

Mumbai, Jul 23: Mumbai Police will soon issue summons to actor Kangana Ranaut to record her statement in connection with the case related to the suicide of actor Sushant Singh Rajput, officials said on Thursday.

A day after Sushant Singh Rajput's suicide, Kangana Ranaut had released a two-minute video speaking highly of the deceased actor and accusing certain sections of the film industry of not acknowledging the star's talent.

She had also said that some of the last social media posts by the actor made it evident that he was struggling to survive in the industry.

According to the police, statements of 39 people, including film critic Rajeev Masand, director-producer Sanjay Leela Bhansali, and filmmaker Aditya Chopra have been recorded in the investigation so far.

The Mumbai Police had recently said the statements of three psychiatrists and one psychotherapist have been recorded in connection with the suicide investigation.

Rajput was found dead in his Mumbai residence on June 14.