Producer Vashu Bhagnani.
| Photo Credit: Shanker Chakravarty
Veteran producer Vashu Bhagnani on Tuesday said the building that he owns is undergoing redevelopment and has not been sold off to clear off debt as reported in the media.
Vashu Bhagnani had recently backed the big-budget action movie Bade Miyan Chote Miyan, starring Akshay Kumar and Tiger Shroff, alongside son Jackky Bhagnani and daughter Deepshikha Deshmukh under their banner.
There were reports that Juhu-based office premises of Pooja Entertainment were sold to settle a debt of Rs 250 crore. The production house was also accused of non-payment of dues and laying off the majority of its staff.
Addressing the reports, Vashu Bhagnani in a media statement said: “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.”
The producer, who has begun production on a big-scale animation series, also dismissed reports of laying off his staff. “We’ve had the same team working with us for 10 years, we haven’t asked anyone to leave,” added Vashu Bhagnani, known for backing 1990s and 2000s hits such as Coolie No 1, Pyaar Kiya To Darna Kya, and Mujhe Kucch Kehna Hai.
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Besides Bade Miyan Chote Miyan, which reportedly suffered losses to the tune of Rs 250 crore, other films from Pooja Entertainment such as Bell Bottom (2021), Mission Raniganj and Ganapath, both 2023 releases, also didn’t fair well at the box office.
Vashu Bhagnani said people claiming Pooja Entertainment is yet to clear their dues must engage in a conversation with the banner.
“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,” the producer further said in the statement.