MUMBAI: Yash Raj Films has restructured and right-sized its music label division – YRF Music and its international operations. Contrary to media reports stating that YRF is shutting its operations, there has only been a restructuring, which comes in the wake of the global economic meltdown.

In an official statement, the company said, "There is absolutely no truth in either of these. Neither of these divisions is being closed and they continue to function as usual. However, given the current economic scenario, they have been restructured and right-sized as is happening globally in companies both big and small."

However, when contacted by Businessofcinema.com, YRF officials declined to comment on the exact nature of the restructuring exercise.

The official statement further adds that the company’s current slate of films for the year will be handled by all its existing touch points including YRF Music and YRF International operations.