Producer Vashu Bhagnani’s clarification on the debt of 250 crores | Producer Vashu Bhagnani’s clarification on the debt of 250 crores: Said- Office was not sold, it was given for re-development, no one was fired from the job Ibomma

For the past few days, the news of producer Vashu Bhagnani being in a debt of 250 crores has been in the headlines. Reports were that Vashu Bhagnani has sold his 7-storey office in Juhu to pay off the debt. He has also fired 80 percent of his staff and has withheld the salary of many people for 2 years. Amidst the controversies, producer Vashu Bhagnani has now denied these reports. He has clearly said that the production office has not been sold, it is just being redeveloped. Also, Vashu Bhagnani has called the reports where it was claimed that he has taken loans from people as rumours.

Vashu Bhagnani has said, ‘The building people are talking about has not been sold to anyone. It is still mine. We are just redeveloping it into a tower, which will have luxury homes. We planned this one and a half years ago. I was waiting for Bade Miyan Chote Miyan to release, after which we wanted to start the redevelopment work.’

Vashu Bhagnani with Akshay Kumar and son Jacky Bhagnani.

On firing the staff, Vashu Bhagnani said, ‘The same team has been working with us for the last 10 years. We have not fired anyone’. He also said that due to re-development, his work has been shifted to the old office, which is lucky for him.

There were also reports that Pooja Entertainment Production House has drowned in debt due to the flop of films like Bade Miyan Chote Miyan, Mission Raniganj and Bell Bottom. On this, Vashu Bhagnani has said that hit and flop films are a part of this business.

There are many options other than badmouthing on social media- Washu

He said, ‘I have been in this business for the last 30 years, if there is someone who claims that I have borrowed money from him, then he should come forward and talk. Do they have contracts with Pooja Entertainment? Have they filed any case against us? There are many ways to resolve the matter other than badmouthing on social media.’

He further said, ‘If there is any problem, we will resolve it. No one is running away. Please come to my office and talk to us, give your documents and give 60 days to resolve it. I am not going to fall prey to any pressure and blackmailing. We also work with UK production companies, if those productions have borrowed money from people, then people should contact them directly.’

Bollywood is my life- Vashu Bhagnani

He further said, ‘I love Bollywood and films. Bollywood is my life. This is a very emotional industry and people stand with me in every good and bad times.’

What is the whole matter?

Recently, an employee associated with Pooja Entertainment claimed in a social media post that the production people have withheld the salary for 2 years. Since then, reports of the production being in debt were coming to the fore. In April 2024, Pooja Entertainment’s film Bade Miyan Chote Miyan has flopped badly at the box office. This film starring Akshay Kumar and Tiger Shroff was made on a mega budget of Rs 350 crore, although the film could collect only Rs 60 crore.

A media report quoted a source as saying, the company has suffered a huge loss due to the failure of the film (Bade Miyan Chote Miyan) directed by Ali Abbas Zafar. Bhagnani had no option other than selling the office to repay the debt.

Let us tell you that Vasu Bhagnani is the father of actor Jackie Bhagnani. He started the production house Pooja Entertainment in 1986. This production house has produced super hit films like ‘Coolie No. 1’, ‘Hero No. 1’, ‘Biwi No. 1’, ‘Pyar Kiya To Darna Kya’, ‘Rehna Hai Tere Dil Mein’, ‘Bade Miyan Chote Miyan’.