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Facing an unprecedented crisis due to nationwide lockdown following Coronavirus outbreak, the Multiplex Association of India (MCI), which operates nearly 90 percent of multiplex industry in India, has requested all landlords and multiplex developers, for complete waiver from payment of rent and common area maintenance (CAM) dues during the lockdown and recuperating period.

The association says that the requisition is to help it tide over this unprecedented situation which is  completely beyond anyone's control. 

Formed under the aegis of FICCI in 2000, the nation's only multiplex trade  body, the association represents more than 18 regional and national  multiplex chains with more than 600 multiplexes and 2900 screens across the country.

Due to the outbreak of COVID-19 and the subsequent shutdown of the entire cinema industry across  the country on account of  lockdown measures announced by the Government, our Industry is going through an  unprecedented crisis  that  threatens our very existence, it states.

It adds that as compared to some other businesses, which have seen a revenue drop, multiplex revenues have overnight become zero.

"The Multiplex Industry has been a very prominent  and  long-term  partner  to  all and has  played a critical  role  in  the  success  of  shopping  centers  and  malls  across  the  country.  Though  we  have  seen  many highs  and  lows  in  our  business,  over  the  past  20  years,  we  have  never  defaulted  on  our  commitments to  pay  rent  and  CAM  to  our  partners,  the  mall  owners.  However,  with ZERO  revenues, we  have  virtually  no  ability  to  pay  any  rent  or  CAM  dues  or  meet  our  other  fixed overheads," the association states.   

Noting that they will be unable to survive as an industry through this period of lockdown and  recuperating, the association seeks the support of the landlords and multiplex developers in granting them complete  waiver  from  payment  of rent and CAM dues  during  the lockdown and recuperating period.

 

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