PVR approaches SEBI in opposition to Ronnie Screwvala, says his statements led to inventory value manipulation

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New Delhi: Multiplex chain operator PVR on Friday complained to SEBI that its share costs had been manipulated after Ronnie Screwvala made “false and misleading statements” about cinema exhibitors levying sure larger costs from movie producers.

Screwvala, a famous movie producer, stated there may be “nothing slanderous or malicious,” in his grievance filed with Competition Commission of India (CCI) — the bone of rivalry between PVR and him.

Screwvala has alleged that multiplex operators, together with PVR, are charging larger Virtual Print Fee (VPF) from producers for exhibiting their movies.

VPF is a cost levied from movie producers for exhibiting their films by digital cinema service suppliers.

File picture of Ronnie Screwvala. Courtesy – Twitter

Complaining to markets regulator SEBI, PVR stated that on 19 March Screwvala began tweeting about his grievance, filed with the CCI, in opposition to multiplex chain operators saying that 4 massive multiplex operators allegedly earn round Rs 400 crore from VPF in a yr.

“The false and misleading statements from Mr Screwvala has resulted in manipulation of the stock prices of PVR,” the multiplex chain operator stated within the grievance.

According to PVR, Screwvala made a number of tweets that misled analysts and inventory market buyers.

“We believe that Mr Screwvala’s repeated tweets, retweets and false statement are leading to an artificial volatility in the stock price of PVR as he continue to provide information which is untrue and misleading,” it stated.

Countering the allegations, PVR cited the stability sheet of PVR and Inox to say that the whole VPF collected by them in 2017-18 stood at Rs 17.24 crore and Rs 24.64 crore, respectively.

PVR has requested SEBI to “enquire into the matter and take appropriate action”.

“I stand by all stated on our complaint to the CCI and there is nothing slanderous or malicious,” Screwvala stated.

According to him, points resembling discriminatory motion of multiplexes in giving preferential remedy to Hollywood films over Indian films or “why consumers are forced to sit through 15 minutes and more of advertising even though they paid for their ticket is still unexplained”.

“… the penny drops with the multiplex owners that the ultimate risk takers are the content creators and they are only a service provider and so cannot take the lion’s share of the revenue it would be fair to state that their action is in collusion and to divide and rule,” he stated.

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