Entertainment
Rs 250 crore debt forces Pooja Entertainment to sell office
Mumbai: In a dramatic turn of events, producer Vashu Bhagnani has reportedly sold the seven-storey office of Pooja Entertainment to settle a staggering debt of Rs 250 crore. The move comes amid a series of financial setbacks that have hit the production house, as reported by Bollywood Hungama. Along with the sale, the company also laid off 80 percent of its employees, marking a significant restructuring phase.
The troubles for Pooja Entertainment began with the release of Bell Bottom in 2021, one of the first Hindi films to hit theaters after the COVID-19 pandemic. Unfortunately, the film underperformed at the box office, setting off a chain reaction of flops. Mission Raniganj suffered the same fate, failing to resonate with the public.
To add to the woes, the big budget film 'Ganapath' did not perform as expected and was even rejected by Netflix despite an acquisition deal. This series of failures seriously affected the financial stability of the company. The final blow came with the colossal investment in 'Bade Miyan Chote Miyan', which also failed to produce the expected returns. According to Bollywood Hungama reports, the company's financial health was already showing red flags, and this massive investment exacerbated the situation.
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 option but to sell the building to repay the huge debt,” the source added.
Despite these challenges, Vashu Bhagnani and his son Jackky Bhagnani are not giving up. The report states that they are determined to restart operations and work on new projects to revive the production house. The determination comes amid criticism from a team member who accused Pooja Entertainment of non-payment, highlighting what he sees as exploitation of his passion for cinema. The crew member urged others to avoid working with the production house and support the call for fair treatment.
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