Amid debt rumors, Vashu Bhagnani clarifies 'office not sold'
What's the story
Vashu Bhagnani, co-owner of Pooja Entertainment, has refuted recent allegations of non-payment and selling his company's office space amid speculations of ₹250cr debt.
Speaking from London, Bhagnani reportedly clarified to ETimes that the seven-floor office building in Juhu is "not sold" but is being redeveloped into a luxury residential tower.
He also denied reports of laying off 80% of his staff, stating that the same team has been with them for a decade.
Clarification
Bhagnani addressed unpaid dues and future projects
Elaborating on the speculations, Bhagnani clarified, "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."
While the office space undergoes redevelopment, his team now operates out of their former office, he claimed.
Redevelopment
Bhagnani's stance on recent box office flops
Earlier, many reports indicated that the failure of BMCM dealt a significant blow to his production house, which has faced a series of box office disappointments with films like Bell Bottom, Mission Raniganj, and Ganapath.
Reflecting on this, he stated, "We are in the film business...hits and flops are part of the game."
"I am already onto my next project. I am working on an animation series, which is going to be pitched on a grand scale," he stated.
Debt
'Not going to buckle under any pressure or blackmail'
Meanwhile, when asked if his production house owes money, Bhagnani said, "If there are people who claim that we owe them money, they should come forward."
"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 60 days to figure things out."
"I am not going to buckle under any pressure or blackmail."
Financial struggles
Financial struggles traced back to 2021 release
To note, previously, a source told Bollywood Hungama that Pooja Entertainment's financial troubles began with the release of Akshay Kumar-led Bell Bottom in 2021.
This film was one of the first Hindi movies released post-COVID-19 pandemic and did not perform well at the box office.
Subsequent films like Mission Raniganj and Ganapath—both released in 2023—also underperformed, leading to further financial strain on the company.
However, despite the setback, they are already on their next project—Ashwatthama starring Shahid Kapoor.