Vashu Bhagnani sells office space to pay back loans: report.
Vashu Bhagnani has reportedly sold the 7-floor Pooja Ent office building to repay the debts he owes.
Producer Vashu Bhagnani has reportedly sold the seven-floor office of Pooja Entertainment to pay off his Rs 250 crore debt, a new report has claimed. It was previously reported that Pooja Ent has suffered massive losses due to back to back flops. Bollywood Hungama reported that Vashu paying off debts with the money received from the sell and added that the production house has laid off 80 percent staff.
“It all started with Bell Bottom, which was one of the first Hindi movie to be released in theatres post the COVID-19 pandemic in 2021. The film flopped badly at the box office and so did the next one, Mission Raniganj. The company faced another setback when the big-budget Ganapath failed to perform and was even rejected by Netflix despite an acquisition deal. Red flags had already begun to appear in the company’s financial sheet by this point, and the enormous investment in Bade Miyan Chote Miyan made matters worse,” a source told the publication.
“Even still, the firm held out hope 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 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 situation, the production house is not winding up. The report stated that Vashu and his son Jackky Bhagnani are ‘determined to reboot operations’ and work on projects that could help them bounce back.
The update came a day after a crew member from the production house accused Pooja Entertainment of non-payment. They criticised the company’s behaviour, calling attention to what they see 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.
