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Mumbai office of Jackky Bhagnani's production house Pooja Entertainment sold to pay off 250 crore debt: report | Bollywood

Mumbai office of Jackky Bhagnani's production house Pooja Entertainment sold to pay off 250 crore debt: report |  Bollywood
Mumbai office of Jackky Bhagnani's production house Pooja Entertainment sold to pay off 250 crore debt: report |  Bollywood

 


Just a day after several team members accused Pooja Entertainment of not clearing their payments on time, a report by Bollywood Hungama Claims production brand's seven-story offices in Mumbai sold for dismantling 250 crore debt amid growing financial problems. (Also read: Pooja Entertainment, Jackky Bhagnani's production house, accused of non-payment of salaries and unprofessional behavior)

Pooja Entertainment's last film, Bade Miyan Chote Miyan, starring Akshay Kumar and Tiger Shroff, was a big dud.

According to Bollywood Hungama, the production house is scaling down its operations following back-to-back failures at the box office. The banner is headed by Jackky Bhagnani and his father Vashu Bhagnani.

Money problems

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According to trade sources, Vashu sold the office to a builder. For the moment, the identity of the builder who purchased the office and the amount have not yet been revealed. Reportedly, they will demolish the building to create a luxury residential project on the land.

The report also claims that Vashu laid off nearly 80 per cent of its employees and shifted its offices to a two-bedroom apartment in Juhu. The reduction process began in January 2024 after the Jagan Shaktis film starring Tiger Shroff was shelved. The decision was made after two years of struggling to get it started.

As far as staff is concerned, it was reduced in April, especially after the failure of Bade Miyan Chote Miyan, starring Akshay Kumar and Tiger Shroff.

The film was a box office failure as it grossed $59.17 million. It was made with a high budget of almost 350 million. The report states that Vashu sold the building to repay his debts to several financiers, amounting to around Rs. 4,000,000.250 million.

It all started with Bell Bottom, which was one of the first Hindi films to hit theaters after the COVID-19 pandemic in 2021. The film performed poorly at the box office, as did the follow-up, Mission Raniganj. The company faced another setback when big-budget Ganapath failed to perform and was even rejected by Netflix despite an acquisition deal. Red flags had already started to appear in the company's financial balance sheet at that point, and the huge investment in Bade Miyan Chote Miyan made the situation worse, a source said.

The insider added, “Even so, the company remained hopeful that the action entertainer starring Akshay Kumar and Tiger Shroff would turn around its financial situation. However, the historic failure of this Ali Abbas Zafar director almost paralyzed the company. Vashu had no choice but to sell the building to repay the huge debt.

Not the end

The report also claims that Vashu and Jackky are working on reboot operations and have already started discussions with actors and directors for a new slate of films. In fact, they are also moving ahead with Shahid Kapoors project Ashwatthama which they announced just a few months ago.

Earlier this week, team member Ruchita Kamble took to Instagram to pen a lengthy post. She even urged others not to work with the production house owned by Jackky and his father Vashu Bhagnani.

She wrote: “Not one to post things like this, but sometimes people need to be voted out! Seeing my team and the team I worked with struggle day in and day out to just get our hands on our own hard earned money compelled me to put this post out there. Read the pure frustration of these young girls who beautifully expressed @pooja_ent's utter contempt and unprofessional, unethical behavior that we have all tolerated for too long.

About the company

Created in 1986, the brand is known for supporting projects such as Coolie n°1, Biwi n°1, Rangrezz, Shaadi n°1 and Jawaani Jaaneman. Pooja Entertainment's last film was Bade Miyan Chote Miyan starring Akshay Kumar and Tiger Shroff. The film was a box office failure.

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