Vashu Bhagnani has broken his silence on claims that his production house Pooja Entertainment faced losses, due to which he laid off 80% staff and sold its office
Producer Vashu Bhagnani has given a statement after reports claimed that he had sold off his seven-storey office of Pooja Entertainment in order to pay off a rumoured Rs 250-crore debt. Reports had claimed that Vashu was affected by the box office failure of Bade Miyan Chote Miyan, following which he sold his office and fired 80% of the staff.
In a statement addressing the supposed sale of the office, Vashu Bhagnani says, “The building (office space) that people are talking about hasn’t been sold to anyone, it belongs to me even now. We are only redeveloping it into a tower that will house luxury homes. This was planned 1.5 years ago. I was waiting for Bade Miyan Chote Miyan to release after which we wanted to start the redevelopment.”
The office of Pooja Entertainment is in Juhu. A report from Bollywood Hungama had claimed that Bhagnani would now shift base to a tw-bedroom apartment in another part of Mumbai. The producer also addressed the rumors that he had laid off 80% of the staff of the production house. “We’ve had the same team working with us for 10 years, we haven’t asked anyone to leave,” he added.
Reports had claimed that the box office failures of Bade Miyan Chote Miyan, Mission Raniganj, and BellBottom had pushed Pooja Entertainment into this debt. Addressing that, Bhagnani challenged people to prove any such debt. “I have been in the business for the past 30 years. If there are people who claim that we owe them money, they should come forward and talk to us. Do they have proper contracts with Pooja Entertainment? Have they filed a case regarding this? There are so many ways to sort this rather than ranting on social media. If there is an issue, we will resolve it. Nobody is running away. Please come to my office, talk to us, give us your documents, and give us 60 days to figure things out. I am not going to buckle under any pressure or blackmail. We also work with production companies in the UK. If they owe someone money, then people should reach out to them directly,” the producer said.
Bade Miyan Chote Miyan was mounted on a Rs 350-crore budget, making it one of Bollywood’s most expensive films. However, it failed to cross even Rs 100 crore worldwide, leaving massive losses for the producers.
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