There should be no comparisons between Dangal and Baahubali

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, Mar 23: Disgraced Hollywood mogul Harvey Weinstein has tested positive for the novel coronavirus, US media reported Sunday.

Harvey Weinstein, 68, is in prison in northern New York state after being sentenced to 23 years in jail for rape and sexual assault.

The fallen film producer's diagnosis was first reported Sunday evening by local paper the Niagara Gazette.

Harvey Weinstein's spokespeople have declined to comment to US media on the subject.

The New York state Department of Corrections did not respond when contacted by AFP for confirmation of the reports.

Harvey Weinstein was transferred Wednesday to a prison near Buffalo, 350 miles (560 kilometers) northwest of New York City.

Prior to his transfer, he stayed at Rikers Island prison and a Manhattan hospital, where he was treated for chest pains.

Crowded US prisons have the potential to become hotbeds for coronavirus infections. Last week, guards at Rikers and New York's Sing Sing prison tested positive for the virus, local media reported.

As of Sunday, the virus has killed 417 people in the US out of more than 33,000 cases, according to a tracker managed by Johns Hopkins University.

Harvey Weinstein was convicted in February of a criminal sexual act in the first degree and rape in the third degree, while being cleared of predatory sexual assault charges.

He was convicted of raping ex-actress Jessica Mann in 2013 and of forcibly performing oral sex on former production assistant Mimi Haleyi in 2006.

Nearly 90 women, including Angelina Jolie and Salma Hayek, have leveled sexual misconduct allegations against Harvey Weinstein, the Oscar-winning producer of "Shakespeare in Love" and numerous other critical and box office hits.

Mumbai, Jun 22: After he recently took a dig at a Bollywood actor, without taking name, alleging power play and alleging that the music industry is run like the mafia, Sonu Nigam has now come down on T-Series chairman and MD, Bhushan Kumar.

Sonu has shared a new Instagram video on Monday morning, which he captioned: "Laaton ke mafia baaton se nahi maante (you cannot reason with the uncouth mafia with words)."

In the video, the singer says in Hindi: "Bhushan Kumar, ab toh tera naam lena hi padega mujhe. Aur ab tu tu ke layak hai. Tune galat admi se panga le liya (Bhushan Kumar, now I have to mention your name. And now, you deserve being addressed without respect. You have messed with the wrong person)."

Sonu Nigam is one of the finest singer of Indian film industry.
I can't believe bollywood Mafia's are targeting him 😣

T series Bhushan Kumar has support of Ajay devgn and Salman khan. And they are trying to end career of Sonu Nigam. 😣

I Support Sonu Nigam.#SonuNigam pic.twitter.com/MWwfrshcJZ

— Sic Mindus मसलु (@SarcasticFire) June 22, 2020
"Tu bhul gaya woh time jab tu mere ghar pe aake… ‘bhai bhai meri album kar do. Bhai 'Deewana' kar do. Bhai, Smita Thackeray se milwa do, Bal Thackeray se milwa do. Abu Salem se bacha lo. Abu Salem galiyaan de raha hai'... yaad hai na? Yaad hai ki nahi yeh sab cheezein? Main tujhe keh raha hoon mere muh mat lagna ab tu bas. (Do you remember the time when you used to come to my home requesting me… ‘brother record an album for me. Brother, record Deewana for me. Brother, introduce me to Smita Thackeray and Bal Thackeray. Save me from Abu Salem. Abu Salem is abusing me'… do you remember? Don't mess with me, I am warning you)."

"Marina Cover yaad hai na? Woh kyon boli, woh kyon back out kiya yeh mujhe nahi pata. Media ko pata hai mafia kis tarah function karta hai. Uska video mere paas padha hai. Ab agar tune mere se panga liya, toh woh video main apni YouTube channel mein dal dunga. Samjha? Mere mooh mat lagna (Do you remember Marina Cover? I don't know no why they spoke and why they backed out, but media knows how the mafia functions. I still have that video with me. Now if you mess with me, I will upload that video on my YouTube channel. So don't mess with me)."

In a recent video posted on Instagram, Sonu Nigam had appealed to music companies (without taking names) to be a little kind towards newcomer artistes, saying otherwise more people will commit suicide. He had mentioned in his previous video that currently two companies rule the music industry. He had also claimed falling prey to power play by a Bollywood actor.