PVR Ltd., India's largest film exhibitor has apparently been named in a complaint filed before the Competition Commission of India (CCI). As on date, the information available with the company is wholly speculative and based mainly upon media reports and an interview which was given by the sole complainant to a news channel.
Given the slanderous and malicious nature of the allegations, the company must place on record that it strongly refutes and denies the allegations that have featured in various media reports in the last few days. PVR operates within the prevailing laws and the regulatory framework of the country and is in full compliance of the same. The assertions made in various media reports and in the interview to a news channel, alleging cartel conduct or conduct which is not in the best interest of cinema-goers, are false and aimed at tarnishing the image of PVR and its management.
Regardless of the malicious intent of these allegations, the company will pursue its normal course of action and will respond to all queries, received from the relevant authorities, as and when asked to do so.
The business of film making as well as film exhibition, have evolved in our country over the years and continue to be on a rapid growth trajectory. PVR has invested and continues to invest large resources into film exhibition business for the benefit of the cinema goers and other stakeholders. PVR is committed to enhancing every single guest interaction at its cinemas and will continue to focus its resources towards this objective.
Since the media reports suggest that the matter is sub-judice, we refrain from making any further comments at this stage, other than to state that we have full confidence that any one-sided media report(s) and interview(s) will not in any manner impact the objectivity of the adjudication process before the CCI.
Shares of PVR LTD. was last trading in BSE at Rs.1612.05 as compared to the previous close of Rs. 1630.4. The total number of shares traded during the day was 29083 in over 1727 trades.
The stock hit an intraday high of Rs. 1664.3 and intraday low of 1603. The net turnover during the day was Rs. 47293364.