Rs 250 crore debt forces Pooja Entertainment to sell office

Hyderabad Desk

Mumbai: In a dramatic turn of events, producer Vashu Bhagnani has reportedly sold the seven-floor office of Pooja Entertainment to settle a staggering Rs 250 crore debt. This move comes amid a series of financial setbacks that have plagued the production house, as reported by Bollywood Hungama. Along with the sale, the company has also laid off 80 percent of its employees, marking a significant restructuring phase.

The trouble for Pooja Entertainment began with the release of Bell Bottom in 2021, one of the first Hindi movies to hit theaters post the COVID-19 pandemic. Unfortunately, the film underperformed at the box office, setting off a chain reaction of flops. Mission Raniganj followed the same fate, failing to resonate with audiences.

Adding to the woes, the big-budget “Ganapath” did not perform as expected and was even rejected by Netflix despite an acquisition deal. This string of failures severely impacted the company’s financial stability. The final blow came with the colossal investment in “Bade Miyan Chote Miyan,” which also did not deliver the anticipated returns. According to Bollywood Hungama reports, the company’s financial health was already showing red flags, and this massive investment exacerbated the situation.

“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,” the source added

Despite these challenges, Vashu Bhagnani and his son Jackky Bhagnani are not giving up. The report states that they are determined to reboot operations and work on new projects to revive the production house. This resolve comes amid criticism from a crew member who accused Pooja Entertainment of non-payment, highlighting what they view as exploitation of their passion for filmmaking. The crew member has urged others to avoid working with the production house and to support the call for fair treatment.

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