PVR Files Complaint Against Ronnie Screwvala To SEBI; Accuses Filmmaker’s “False, Misleading” Tweets For Drop In Share Prices
The Multiplex Vs Ronnie Screwvala controversy is not dying down anytime soon. PVR has filed a complaint with Securities And Exchange Board Of India (SEBI), accusing Screwvala for tweeting false information about the multiplex chain, thereby leading to a crash in their share prices
After Ronnie Screwvala started his fight against multiplex chains, alleging that they unfairly charge a high Virtual Print Fee (VPF) to producers, the filmmaker has now been accused of being the reason for the fall in PVR cinema’s share prices. The multiplex chain has filed a complaint with Securities And Exchange Board Of India (SEBI), saying that Scrwevala’s false and misleading tweets over the time has hurt stock, resulting in a drop in multiplex chain’s share price.
"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," read a statement by PVR.
According to a report in Business Standard, PVR said Screwvala tweeted on March 19 about his complaint with the CCI (Competition Commission of India) against multiplex chain operators saying that four large multiplex operators allegedly earn around Rs 400 crore from VPF in a year. Countering the allegations, PVR cited the balance sheet of PVR and Inox to say that the total VPF collected by them in 2017-18 stood at Rs 17.24 crore and Rs 24.64 crore.
Ronnie Screwvala, on the other hand, has replied to the accusations by issuing a statement that reads, “Just read a press article about some complaint filed by PVR before SEBI in response to our complaint to the CCI (Competition Commission of India). I stand by all stated on our complaint to the CCI and there is nothing slanderous or malicious. The discriminatory action of the multiplexes in giving preferential treatment to the Hollywood movies as against the Marathi, Hindi and Indian movies, or why consumers are forced to sit through 15 minutes and more of advertising even though they paid for their ticket, is still unexplained by the multiplexes and this is not in the interest of the nation or consumers. And till 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. Time is running out.”
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"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," read a statement by PVR.
According to a report in Business Standard, PVR said Screwvala tweeted on March 19 about his complaint with the CCI (Competition Commission of India) against multiplex chain operators saying that four large multiplex operators allegedly earn around Rs 400 crore from VPF in a year. Countering the allegations, PVR cited the balance sheet of PVR and Inox to say that the total VPF collected by them in 2017-18 stood at Rs 17.24 crore and Rs 24.64 crore.
Ronnie Screwvala, on the other hand, has replied to the accusations by issuing a statement that reads, “Just read a press article about some complaint filed by PVR before SEBI in response to our complaint to the CCI (Competition Commission of India). I stand by all stated on our complaint to the CCI and there is nothing slanderous or malicious. The discriminatory action of the multiplexes in giving preferential treatment to the Hollywood movies as against the Marathi, Hindi and Indian movies, or why consumers are forced to sit through 15 minutes and more of advertising even though they paid for their ticket, is still unexplained by the multiplexes and this is not in the interest of the nation or consumers. And till 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. Time is running out.”
Image Source:- kosgpic.pw, indianmart, bollywood_sorted