Shah Rukh Khan: 'Baahubali' stands for no guts, no glory

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 19: Mumbai Police have registered an FIR against two Instagram account holders for allegedly threatening actor Rhea Chakraborty, an official said on Sunday.

The location of the two accused is yet to be traced, the official said, adding that the investigation in the case is at primary stage.

Chakraborty on Thursday requested the cyber crime cell to look into the rape and murder threats she has been receiving ever since the death of close friend, actor Sushant Singh Rajput.

Rajput, 34, was found dead in his apartment in suburban Bandra here on June 14, leaving people in the film industry and audiences shocked.

Chakraborty, in particular, was subjected to online hate with users blaming her for Rajput's suicide.

"We registered the First Information Report (FIR) on Saturday under Indian Penal Code Sections 507 (criminal intimidation by an anonymous communication), 509 (intending to insult modesty of any woman) and relevant provisions of the Information Technology Act," Santacruz police station's senior inspector Shriram Koregaonkar said.

"No arrest has been made so far. We are conducting an investigation in the case," he added.

On Thursday, sharing a screenshot of a hate message she received on Instagram, Chakraborty said while she had ignored many abusive texts sent to her in the past month, the harassment was now unbearable.

The 28-year-old actor eventually disabled the comments section of her Instagram page.

Chakraborty, known for films such as "Mere Dad Ki Maruti" and "Jalebi", had tagged the cyber cell and requested the authorities to look into the threats.

On June 18, she was called to the Bandra police station to record her statement in connection with Rajput's death.

New Delhi, Jul 19: Actor Deepika Padukone on Sunday confirmed the news of her teaming up with 'Baahubali' actor Prabhas for an upcoming project.

Padukone stated that she is "beyond thrilled" for her the project, which will be helmed by Nag Ashwin, who is known for delivering some hit Telugu movies.

He is known for directing the National-Award winning biopic 'Mahanati'. The forthcoming flick will be under the banner of Vyjayanthi Movies.

The 34-year-old star shared a video by the production house revealing the news, and wrote: "Beyond Thrilled! Cannot wait for what we believe is going to be an incredible journey ahead.."

In the video, the makers of the movie addressed their pride in collaborating with Deepika Padukone and Prabhas. The yet-to-be-titled movie will be the first film to see the two actors sharing the screen-space.

However, other details of the project are yet to be officially revealed.