Vashu Bhagnani sells Pooja Entertainment’s Mumbai office to pay off Rs 250 Cr debt, 80% workforce sacked- Reports

A day after several crew members accused Vashu Bhagnani and Jackky Bhagnani’s Pooja Entertainment of not clearing their payments, a report has surfaced claiming the producers have sold their Mumbai office. As per the report, the production banner has sold its seven-floor office to clear off its Rs 250 crore debt amid the growing financial tension. Read on for details.

Vashu Bhagnani sells Pooja Entertainment’s Mumbai office?

As per a recent Bollywood Hungama report, Pooja Entertainment is downsizing its operations owing to consecutive box office failures. According to trade sources familiar with the development, Vashu Bhagnani has sold the seven-floor Mumbai office of Pooja Entertainment to a builder. As of now, the identity of the builder who purchased the land is undisclosed. The amount for which it has been sold is not revealed. Reportedly, the builder will demolish the building to create a luxurious residential project on the plot.

Almost 80% of employees sacked

As per the BH report, Vashu Bhagnani has sacked almost 80% of employees. He has reportedly shifted the remaining work staff to a two-bedroom flat in Juhu. Layoffs reportedly began in January 2024 after the Jagan Shakti directorial with Tiger Shroff got shelved. Further downsizing took place in April following the release of Bade Miyan Chote Miyan. The Akshay Kumar-Tiger Shroff starrer was a disaster, barely collecting Rs. 59.17 crore at the box office against an investment of Rs. 350 crore.

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Despite the downsizing and financial woes, sources claim Pooja Entertainment is not folding. Vashu and Jackky Bhagnani are determined to reboot operations. They have begun discussing a fresh slate of films with actors and directors. They are reportedly going ahead with the Shahid Kapoor starrer Ashwatthama project that was announced a few months back.

Pooja Entertainment’s financial woes

A source familiar with the development told the publication, “It all started with Bell Bottom, which was one of the first Hindi movies 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.”

The source continued, “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. 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.”

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About Pooja Entertainment

Pooja Entertainment has been churning out entertainers for nearly 4 decades. The production banner is known for blockbusters such as Coolie No 1, Biwi No 1, and Hero No 1. They are also known for flops Himmatwala, Humshakals, Bell Bottom, Mission Raniganj, Ganapath and Bade Miyan Chote Miyan. The banner has also backed much-loved films like Rehnaa Hai Terre Dil Mein, and Om Jai Jagadish.

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