PVR approaches SEBI against Ronnie Screwvala, says his statements led to stock price manipulation
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 increased expenses from movie producers.
Screwvala, a famous movie producer, mentioned there’s “nothing slanderous or malicious,” in his criticism filed with Competitors Fee of India (CCI) — the bone of competition between PVR and him.
Screwvala has alleged that multiplex operators, together with PVR, are charging increased Digital Print Charge (VPF) from producers for exhibiting their movies.
VPF is a cost levied from movie producers for exhibiting their films by digital cinema service suppliers.
Complaining to markets regulator SEBI, PVR mentioned that on 19 March Screwvala began tweeting about his criticism, filed with the CCI, towards 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 mentioned within the criticism.
In keeping with 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 mentioned.
Countering the allegations, PVR cited the steadiness sheet of PVR and Inox to say that the full 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 mentioned.
In keeping with him, points akin to discriminatory motion of multiplexes in giving preferential therapy 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 mentioned.
Firstpost is now on WhatsApp. For the most recent evaluation, commentary and information updates, join our WhatsApp providers. Simply go to Firstpost.com/Whatsapp and hit the Subscribe button.
Your information to the most recent election information, evaluation, commentary, stay updates and schedule for Lok Sabha Elections 2019 on firstpost.com/elections. Comply with us on Twitter and Instagram or like our Facebook web page for updates from all 543 constituencies for the upcoming normal elections.