'Already on my next project', producer Vashu Bhagnani on Pooja Entertainment's financial crisis
Vashu Bhagnani and Jackky Bhagnani's production company, Pooja Entertainment, has recently garnered attention for unfavorable reasons. Reports indicated that the company has allegedly defaulted on payments owed and had to resort to selling its seven-floor office space in Mumbai's Juhu area to settle its debts which amounted to over Rs 250 crore.
Several reports also claimed that Pooja Entertainment had laid off 80 percent of its staff due to the financial crunch. However, putting rest to all these speculations, Vashu Bhagnani has finally cleared the air.?
The office space is now being converted into a tower that will house luxury homes
In an interview with Times of India, Vashu Bhagnani dismissed the allegations, stating, ''The building 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,'' he added.
Hits and flops are a part and parcel of our business, says Vashu
He was also quizzed about layoffs and business after back-to-back flops, Vashu Bhagnani told TOI,?
''We've had the same team working with us since 10 years, we haven't asked anyone to leave. We are in the business, and hits and flops are a part of the business. I am already on to my next project. I am working on an animation series, which is going to be pitched on a mega scale.''
Also Read: Jackky & Vashu Bhagnani's Pooja Entertainment in crisis: Office sold to offset Rs 250 crore debt?
As for non-payment of dues allegation by former employees, Vashu has appealed to them to meet him and his team so that a resolution can be reached, if there is an issue
Vashu Bhagnani was questioned about whether his production company owed money to anyone, as stated by numerous media reports.
He said, ''I have been in the business for the past 30 years. 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.¡±
Pooja Entertainment, established in 1986, is renowned for producing several Bollywood blockbusters such as Coolie No 1, Hero No 1, and Rehnaa Hai Terre Dil Mein, among others.
