Vashu Bhagnani sells Pooja Entertainment’s seven-floor office to pay off Rs. 250 cr. debt; lays off 80% of employees following consecutive box office failures

The producer father and son duo of Vashu and Jackky Bhagnani have been going through some tough times after their movies flopped back to back. 

The final nail in the coffin was when their last release titled Bade Miyan Chote Miyan starring Akshay Kumar and Tiger Shroff failed to get even a decent opening. The production team was planning a sequel but the movie failed even to recover 50% of its investment.

Known for giving iconic movies like Biwi No. 1, film producer Vashu Bhagnani sold his production house Pooja Entertainment’s Mumbai office to repay debt worth ₹250 crore, reported Bollywood Hungama, citing industry sources.

 The production house, owned by Vashu and Jackky Bhagnani, is also downsizing its operation post consecutive Box Office failures of its Badhe Mia Chote Mia, Bell Bottom, Ganapath, Mission Raniganj, etc. According to the news report, Vashu Bhagnani had downsized the production house’s workforce to recuperate the losses. 

The film producer had sacked almost 80% of employees and shifted Pooja Entertainment’s office to a two-bedroom flat in Mumbai, reported Bollywood Hungama. The reduction in workforce began in January this year after a movie featuring Tiger Shroff was shelved following a two-year struggle to release on silver screens. 

The company faced another setback after its second movie, Badhe Miya Chote Miya, failed miserably at the box office.Since the last few days, there have been allegations against Vashu Bhagnani that he has not paid salaries to many of his staff members for the last two years which is quite shocking. 

Now Bollywood Hungama has reported that Vashu Bhagnani has sold his 7-floor office of Pooja Entertainment for 250 crores. The producer has also laid off 80% of his employees. The name of the builder to whom the building has been sold has not been revealed yet but the source says that it is expected that the builder will now construct a majestic residential complex at this place.

Last night, a crew member, who works with Pooja Entertainment (owned by Vashu Bhagnani and his family) penned a long note on her and her team’s salaries not been cleared for almost a year. The employee Ruchita Kamble, took to IG and shared her ordeal.

 She wrote, “Not the one to ever make such posts but sometimes people need to be ousted! Seeing my team and the crew I worked with struggle day in and out to just get hold of our own hard earned money has compelled me to make this post.

Read the sheer frustration of these young girls who have beautifully stated the absolute disregard @pooja_ent has and the sheer unprofessional, unethical behaviour that we all have been tolerating for way too long. 

Being dodged from person to another just to ask for our own money which was promised to be cleared within 45-60 working days post completion which in itself is also unprofessional but the crew graciously agreed as we r a bunch driven by passion for filmmaking.

 But to exploit this passion to such an extent should not be acceptable. There is no hope of getting paid but this post is to make the countless others aware of this fraudulent practices by @pooja_ent @jackkybhagnani @vashubhagnani and vouch to not work with them.

Amid financial woes, Vashu sold the company’s Mumbai office to pay off debts to multiple financiers. The production house banner, operated by Vashu Bhagnani and his son Jacky Bhagnani, is also reducing its operations after back-to-back failures of its movies.

Earlier, crew members were reported to have expressed concern over the unpaid dues by the Pooja Entertainment production house. Despite multiple financial hardships, Vashu Bhagnani and son Jacky Bhagnani are in no mood to close the three-decade-old production house. 

The father-son duo are determined to reboot operations, moreover they have already begun preparations for their production house’s upcoming projects, reported Bollywood Hungama. Moreover, they are also planning to go ahead with Shahid Kapoor’s Ashwatthama project.