Art & Entertainment

Vashu Bhagnani Finally Reacts To Reports Of Mass Layoffs And Selling Off Office Space To Clear Debts

Producer Vashu Bhagnani refuted the rumours of selling off the office space of his production house. He said they are redeveloping it into a tower that will have luxury homes.

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Vashu Bhagnani Photo: Instagram
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Producers Vashu Bhagnani and Jackky Bhagnani, owners of Pooja Entertainment have been grabbing the headlines since few days for the wrong reasons. Several media reports claimed that the production house was sold off to clear the debt of Rs 250 crores. Not only this, Pooja Entertainment was also accused of non-payment of dues, and reports also stated that there was an 80% layoff of its staff.

Vashu Bhagnani has now addressed the rumours in a statement. He said, "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 also refuted the rumours of laying off his staff. He said that they now work from the old office which was a 'lucky' space for them. He said that they have the same team working with them for 10 years and haven’t asked anyone to leave.

Some reports stated that 'Bell Bottom', 'Mission Raniganj' and 'Bade Miyan Chote Miyan's failures caused Pooja Entertainment to get into debt. Vashu, reacting to it, said that hits and flops are part of the business.

Vashu Bhagnani said that he has been in the business for the past 30 years. He said that if there are people who claim that they owe them money, he asked them to come forward and talk to them. The producer also asked, ''Do they have proper contracts with Pooja Entertainment? Have they filed a case regarding this?'' He also said that there are many ways to sort the matter rather than ranting on social media and if there is an issue, they 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,'' he said.

Vashu also revealed that though he has other businesses, movie-making is his passion and he will continue it. He concluded, "I love Bollywood and films. Bollywood is my jaan, this is the most emotional industry and people stick by you through thick and thin''.

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