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

For the past several days, the news of producer Vashu Bhagnani being in a debt of 250 crores has been in the headlines. Reports were that to pay off the debt, Vashu Bhagnani has sold his 7-storey office in Juhu. Along with this, he has fired 80 percent of his staff and the salary of many people has been withheld 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 those reports as rumours, where it was claimed that he has taken a loan from people. Vashu Bhagnani has said, ‘The building that 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 houses. We had planned this one and a half years ago. I was waiting for the release of Bade Miyan Chote Miyan, after which we wanted to start the re-development work.’ On sacking the staff, Vashu Bhagnani has said, ‘The same team has been working with us for the last 10 years. We have not sacked anyone’. He has also told that due to re-development, their work has shifted to the old office, which is lucky for them. 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 part of this business. There are many options other than badmouthing on social media – Vashu He has said, ‘I have been in this business for the last 30 years, if there is someone who claims that I have borrowed 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 matters 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 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 together in every good and bad time.’ 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 flopped badly at the box office. This Akshay Kumar and Tiger Shroff starrer film was made on a mega budget of Rs 350 crore, however, the film could only collect Rs 60 crore. A media report quoted a source as saying that the company has suffered a huge loss due to the flop of the film (Bade Miyan Chote Miyan) directed by Ali Abbas Zafar. Bhagnani had no option other than selling the office to repay the loan. 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 tremendous 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’.

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