- POPDIARIES.COM - A La Une - 24/06/2024 09:38

Vashu Bhagnani Sells Pooja Entertainment's Mumbai Office To Pay Rs. 250 Crore Debt!

Just a day after several crew members accused Pooja Entertainment of not clearing their payments on time, a report by Bollywood Hungama claims that the seven-floor office of the production banner in Mumbai has been sold off to clear off ₹250 crore debt amid the growing financial hassles. As per Bollywood Hungama, the production house is cutting down on its operations following consecutive box office failures. The banner is run by Jackky Bhagnani and his father Vashu Bhagnani. According to trade sources, Vashu has sold the office to a builder. At the moment, the identity of the builder who bought the office and the amount is not out yet. It is being reported that they will demolish the building to create a luxurious residential project on the plot. The report also claimed that Vashu has ‘sacked almost 80 percent of employees and shifted the office base to a two-bedroom flat in Juhu’. The process of cutting down began in January 2024 after Jagan Shakti’s film featuring Tiger Shroff, was shelved. The decision was taken after the struggle of two years to start it. When it comes to staff, it was reduced in April, especially after the failure of Bade Miyan Chote Miyan, which starred Akshay Kumar and Tiger Shroff. The film was a dud at the box office as it registered a business of ₹59.17 crores. It was made on a high budget of almost ₹350 crore. The report states that “Vashu has sold the building to pay off debts to multiple financiers, amounting to approximately Rs. 250 crore”. “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,” said a source. Set up in 1986, the banner is known for backing projects such as Coolie no.1, Biwi no.1, Rangrezz, Shaadi no.1 and Jawaani Jaaneman. Pooja Entertainment’s last film was Bade Miyan Chote Miyan starring Akshay Kumar and Tiger Shroff. The film was a dud at the box office.