Entertainment conglomerate Yash Raj Films (YRF) is not shutting down its music label and overseas distribution network.
YRF vice president (marketing and communications) Rafiq Gangjee said: "It is unfortunate that there are unfounded rumours going around for sometime that the Yash Raj Films' music division and our international operations are shutting down. There is absolutely no truth in either of these.
"Our current slate of films for the year will be handled by all our existing touch points including YRF Music and our YRF International operations. Neither of these divisions is being closed and they continue to function as usual," Gangjee said in a statement.
On the measures taken by the company to counter recession, Gangjee said: "These divisions have been restructured and right-sized as is happening globally in companies both big and small."