Vashu Bhagnani Denies Reports Of Selling Office Space And Lay Offs: 'We Are Only Redeveloping It'

Producer Vashu Bhagnani addressed reports claiming he sold his office building to pay off a Rs 250 crore debt. Bhagnani clarified that the premises of Pooja Entertainment are undergoing redevelopment.

Vashu Bhagnani addressed reports claiming he sold his office building to pay off a Rs 250 crore debt.

Source : Instagram/@jackkybhagnani

Veteran producer Vashu Bhagnani addressed recent media reports claiming he sold his office building to pay off a Rs 250 crore debt. Bhagnani clarified that the Juhu-based premises of Pooja Entertainment are undergoing redevelopment, not a sale. 

Vashu Bagnani says the office building has not sold

In a statement on Tuesday, Bhagnani explained, "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." 

Bhagnani recently produced the high-budget action movie 'Bade Miyan Chote Miyan,' starring Akshay Kumar and Tiger Shroff, alongside his son Jackky Bhagnani and daughter Deepshikha Deshmukh under the Pooja Entertainment banner. The film, however, reportedly incurred significant losses. 

Vashu Bhagnani on lay offs

Addressing accusations of non-payment of dues and staff layoffs, Bhagnani dismissed these claims. "We've had the same team working with us for 10 years, we haven’t asked anyone to leave," he said.  

Bhagnani, known for producing hits like 'Coolie No 1,' ‘Pyaar Kiya To Darna Kya,’ and ‘Mujhe Kucch Kehna Hai,’ is also working on a large-scale animation series. 

In addition to ‘Bade Miyan Chote Miyan,’ other recent Pooja Entertainment films, such as ‘Bell Bottom’ (2021), ‘Mission Raniganj,’ and ‘Ganapath’ (both 2023 releases), did not perform well at the box office. 

On dues

Bhagnani urged those claiming unpaid dues to contact Pooja Entertainment directly. "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." 

He further emphasised his willingness to resolve any issues: "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."