Veteran Bollywood producer Vashu Bhagnani’s production house Pooja Entertainment is facing significant financial troubles, with reports of the company incurring massive losses and debt. However, Bhagnani has refuted these claims, stating that the company’s office building is undergoing redevelopment and has not been sold off.
According to reports, Pooja Entertainment, which has produced films like Bade Miyan Chote Miyan, Bell Bottom, Mission Raniganj, and Ganapath, has been struggling with non-payment of dues and a string of box office failures. It was reported that Bhagnani had sold off his seven-floor office space in Juhu, Mumbai, to pay off a debt of Rs 250 crore and had also laid off 80% of his staff.
Interestingly, Bhagnani’s son Jackky Bhagnani recently tied the knot with actress Rakul Preet Singh in a fairytale wedding in South Goa on February 21, 2024. The couple had a grand destination wedding attended by close family members and Bollywood celebrities.
However, Bhagnani has denied the reports of financial troubles, stating that the building is still owned by him and is undergoing redevelopment into a tower with luxury homes, a plan that was made 1.5 years ago. He also dismissed the reports of mass layoffs, saying that the team has been working with him for the past 10 years and no one has been asked to leave.
Addressing the issue of non-payment of dues, Bhagnani said that if there are people who claim that Pooja Entertainment owes them money, they should come forward with proper documentation and contracts, and he will resolve the issue within 60 days. He emphasized that he is not going to “buckle under any pressure or blackmail”.
Bhagnani revealed that Akshay Kumar, who starred in Bade Miyan Chote Miyan, was the first person to call him and offer unconditional support amid the reports of the production house’s financial troubles. Bhagnani also received calls from other industry veterans like Sunny Deol and Suniel Shetty, who stood by him during this difficult time.
As the industry continues to navigate the post-pandemic scene, it remains to be seen how Bhagnani and his production house will weather this storm and bounce back.