Producer Vashu Bhagnani reveals Mumbai office NOT sold to pay off Rs 250 crore debt: ‘Nobody is running away’

Vashu Bhagnani

Producers Vashu Bhagnani and Jackky Bhagnani owned by Pooja Entertainment have been in the news for s few days. Several media reports stated that the Pooja Entertainment office premises in Juhu, Mumbai was sold off to clear debt of Rs 250 crores. The production house was also accused of non-payment of dues, and laying off 80% of its staff.

Now addressing all these rumors, Vashu Bhagnani says, "The building (office space) that people are talking about hasn't been sold to anyone, it belongs to me even now. We are only redeveloping it into a tower that will house luxury homes. This was planned 1.5 years ago. I was waiting for Bade Miyan Chote Miyan to release after which we wanted to start the redevelopment."

Dismissing reports of laying off his staff, Vashu Bhagnani shared that they now function from the old office which was a 'lucky' space for them. "We've had the same team working with us for 10 years, we haven't asked anyone to leave," he added.

While a few news reports claim that 'Bade Miyan Chote Miyan', 'Mission Raniganj', and 'BellBottom's failures pushed Pooja Entertainment into this debt, the producer clears the air and says that hits and flops are part of this business.

Vashu Bhagnani has also begun production for his next project it is an animation series that is mounted on a big scale. He adds, "I have been in the business for the past 30 years. If there are people who claim that we owe them money, they should come forward and talk to us. Do they have proper contracts with Pooja Entertainment? Have they filed a case regarding this? There are so many ways to sort this rather than ranting on social media. If there is an issue, we will resolve it. Nobody is running away. Please come to my office, talk to us, give us your documents, and give us 60 days to figure things out. I am not going to buckle under any pressure or blackmail. We also work with production companies in the UK. If they owe someone money, then people should reach out to them directly."

In conclusion, Vashuji shares that he is also into other businesses, but is most passionate about movie-making, so he will continue to do that. He says, "I love Bollywood and films. Bollywood is my jaan, this is the most emotional industry and people stick by you through thick and thin."