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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, Jul 3: Bollywood woke up to the shock news of their beloved 'masterji' Saroj Khan's death on Friday, with many celebrities remembering the veteran choreographer as a "genius" and an "inspiration" to others.

Khan, the name behind some of the most famous songs in Bollywood such as "Dhak Dhak" and "Ek Do Teen", died of cardiac arrest early on Friday morning. She was 71.

Superstar Akshay Kumar termed Khan's demise as a "huge loss" to the industry.

"Woke up to the sad news that legendary choreographer #SarojKhan ji is no more. She made dance look easy almost like anybody can dance, a huge loss for the industry. May her soul rest in peace," he tweeted.

Choreographer Farah Khan said she was among the countless artistes who were inspired by Khan's work.

"Rest in peace Sarojji... You were an inspiration to many, myself included. Thank you for the songs," she wrote on Twitter.

Choreographer-turned-filmmaker Remo D'Souza said, "#RIP Saroji, you will be missed... Big loss to dance fraternity."

Actor Taapsee Pannu said she will forever cherish the memories of working with the veteran choreographer.

"At least I had a chance to dance in your company. I am going to hold on to those memories tight... real tight. We lose another star to the sky. Your songs will make every girl remember you for ever and ever," the actor tweeted.

Nimrat Kaur said there will be no one in the industry who could do what Khan did in her lifetime.

"Saroj ji’s name introduced the word ‘choreographer’ to my life. A genius who immortalised stars and the music that defined an era with her iconic work. May her loved ones find strength and courage at this terrible hour. There’ll never be another...#RIPSarojKhan #Legend #Masterji" she said.

Genelia Deshmukh said she is grateful to have worked with the legendary artiste.

"RIP Saroji ... I thank God I got a chance to be choreographed by you...Prayers and Strength to the Family... #SarojKhan" she said.

"Woke up to the heartbreaking news of the legendary choreographer #SarojKhan’s demise. Her iconic dance moves inspired me at a very young age. Rest in peace Saroj Ji. You are truly irreplaceable," tweeted Tamannaah Bhatia.

Rakul Preet Singh mourned that her dream of working with Khan will remain unfulfilled.

"Always dreamt of doing at least one song Choreographed by her. Your grace and contribution to Indian cinema shall always be remembered. May your soul RIP. Strength to the family," she said.

Filmmaker Sanjay Gupta said he learnt a lot while working with Khan.

"The first song I conceived 'Tamma Tamma Loge' to 'Dil Dil Dil' the first song of my debut film 'Aatish' we’re choreographed by the legendary Saroj Khan. Learnt so much from her. RIP Saroj Ji and keep smiling like you always did," he wrote on the micro-blogging site.

"Saroj Khan my beloved Masterji. #RIPSarojKhan From Music Videos to films we had a long journey together. Now you’ve left me and gone. I will do and make what we spoke about one day, my promise to you," tweeted filmmaker Kunal Kohli.

Khan, a three-time National Award winner, was not keeping well for some time. She was admitted to Guru Nanak Hospital in Bandra last Saturday after she complained of breathing issues. She had tested negative for Covid-19.

The veteran choreographer is survived by son Raju Khan and daughter Sukaina Khan.

Her funeral was held on Friday morning at a cemetery in suburban Malad.