Pooja Entertainment, the production banner owned by Vashu Bhagnani and actor Jacky Bhagnani, recently made headlines due to rumors circulating on social media. These rumors suggested that the company sold its seventh-floor office in Mumbai's Juhu area to pay off debts and that actor Akshay Kumar's recent box office flops contributed to significant financial losses for producers. Additionally, it was claimed that the company laid off 80% of its staff.
However, Vashu Bhagnani has firmly denied these reports. In an interview with the Times of India, he stated, "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." Bhagnani emphasized that the rumors are false and reassured that the company is not in financial distress. Bhagnani further clarified, "This redevelopment was planned 1.5 years ago. I was waiting for Bade Miyan Chote Miyan to release before starting the redevelopment." Addressing the rumors about layoffs, he said, "We've had the same team working with us for 10 years; we haven't asked anyone to leave."
Also Read: Producer Vashu Bhagnani Sells Pooja Entertainment Mumbai Office Amid Financial Struggles: reports
Regarding recent box office challenges, Bhagnani acknowledged, "Hits and flops are a part of the business. I am already on to my next project, working on an animation series that will be pitched on a mega scale." When asked about claims that his production house owes money, Bhagnani responded, "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, founded in 1986, is best known for producing several Bollywood hits, including Coolie No 1, Hero No 1, and Rehnaa Hai Terre Dil Mein, among others.