Vashu Bhagnani Sells Massive Pooja Ent Office To Pay Rs 250 Cr Debt, Lays Off 80% Employees: Report
Producer Vashu Bhagnani has reportedly sold the seven-floor office of Pooja Entertainment to settle a Rs 250 crore debt, according to a new report. Previously, it was reported that Pooja Entertainment had suffered significant losses due to consecutive flops. Bollywood Hungama stated that Vashu is using the money from the sale to pay off debts and that the production house has laid off 80 percent of its staff.
“It all began with Bell Bottom, one of the first Hindi movies to be released in theatres post the COVID-19 pandemic in 2021. The film performed poorly at the box office, followed by the failure of Mission Raniganj. The company encountered another setback when the big-budget Ganapath failed to perform and was even rejected by Netflix despite an acquisition deal. Financial issues started to surface in the company’s financial records by this point, and the substantial investment in Bade Miyan Chote Miyan exacerbated the situation,” a source told the publication.
“Even then, the firm remained hopeful that the action entertainer starring Akshay Kumar and Tiger Shroff would improve its financial state. However, the monumental failure of this Ali Abbas Zafar directorial almost crippled the company. Vashu had no choice but to sell the building to pay off the enormous debt,” an insider added.
Despite the financial challenges, the production house is not shutting down. The report mentioned that Vashu and his son Jackky Bhagnani are determined to restart operations and work on projects that could help them recover.
This update came a day after a crew member from the production house accused Pooja Entertainment of non-payment. They criticized the company’s behavior, highlighting what they perceive as exploitation of their passion for filmmaking. One crew member urged others not to work with the production house owned by Jackky Bhagnani and Vashu Bhagnani, and asked for support in sharing the post to raise awareness.
