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Vashu Bhagnani sells off office to pay Rs 250 cr debt; lays off 80 percent workforce amid allegations of unpaid dues: Report
Vashu Bhagnani's Pooja Entertainment has reportedly sold their seven-floored building to pay debt amounting to Rs 250 crores amid roaring allegations of unpaid dues from several artists.
For several days now, there has been news of multiple artists taking over social media and publicly calling out Vashu Bhagnani's Pooja Entertainment for unpaid dues. Amid all of these allegations, a fresh report suggests that the production house is truly in dire condition and has gone to the extent of selling out its seven-floored office.
Vashu Bhagani sold off the Pooja Entertainment building
A Bollywood Hungama report suggests that the ace producer recently let go of his office and handed it over to a builder. As per the report, the building will be demolished to create a luxurious residential project. The report stated that Bhagnani has done this majorly to pay off debts to multiple financiers amounting close to Rs. 250 crores in total.
As per the report, the production house has now shifted to a two-bedroom flat in Juhu with a cut-down of 80% workforce ever since January 2024. The report mentioned that Pooja Entertainment began lay offs since their Jagan Shakti directorial starring Tiger Shroff was called off earlier this year.
According to the report, the production house was hit massively budget-wise after the saddening box office failure of Bade Miyan Chote Miyan which prompted another round of layoffs in April 2024. Made on a budget of Rs 350 crores, the Akshay Kumar-led actioner could barely bring Rs 60 crores to the table.
What led to the downfall of Pooja Entertainment?
Reportedly, the dire days began with their 2021 film Bell Bottom which was released immediately post-pandemic in the hope of pushing audiences to theatres. It failed to perform and was followed by the failures of Mission Raniganj and Ganapath. The movie was also rejected by Netflix despite an acquisition deal.
The source in the report further stated, “However, the historic failure of this Ali Abbas Zafar directorial almost crippled the company. Mr Bhagnani had no choice but to sell the building to pay off the enormous debt.”
Amidst all this, there’s a hope that Pooja Entertainment will bounce back. Contrary to all saddening thoughts, Vashu Bhagnani is giving all of himself in backing Shahid Kapoor starrer Ashwatthama announced a few months ago.
Established in 1986 and Pooja Entertainment has produced close to 40 movies by now including Coolie No.1, Hero No.1, Biwi No.1, Rehnaa Hai Terre Dil Mein, Om Jai Jagadish, among others.
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