Jackky Bhagnani's Pooja Entertainment sells office to clear Rs 250 cr debt: Report

This weekend, several former employees of Pooja Entertainment, helmed by Jackky and Vashu Bhagnani, took to social media to highlight issues of non-payment by the production house. 

In the wake of these revelations, Bollywood Hungama reported that Pooja Entertainment has sold its seven-floor office building to clear a significant debt of Rs 250 crore. The production house's recent release, "Bade Miyan Chote Miyan," was a colossal failure at the box office, which has led to further financial strain and impending operational cutbacks.

According to the Bollywood Hungama report, Vashu Bhagnani sold the office building to a developer, who plans to transform it into a luxury residential complex. Following the sale, Vashu Bhagnani has relocated operations to a two-bedroom flat in Juhu and has laid off approximately 80 percent of the staff. The downsizing began in January, with substantial staff reductions starting in April after the financial debacle of "Bade Miyan Chote Miyan," which starred Akshay Kumar and Tiger Shroff.

"Bade Miyan Chote Miyan," produced with a hefty budget of Rs 350 crore, managed to garner only Rs 59.17 crore, exacerbating the company's financial woes. 

The financial difficulties at Pooja Entertainment started to surface post-COVID-19, beginning with the release of "Bell Bottom" in 2021. Despite being one of the first Hindi films to hit theaters after the pandemic, it failed to perform at the box office. The subsequent release, "Mission Raniganj," also underperformed, further straining the company's finances. The situation worsened with the big-budget film "Ganapath," which not only flopped but was also rejected by Netflix, despite an acquisition deal.

Industry insiders mentioned that Pooja Entertainment had high hopes pinned on "Bade Miyan Chote Miyan" to turn around their financial situation. Unfortunately, the film's failure, directed by Ali Abbas Zafar, left the company in dire straits, compelling Vashu Bhagnani to liquidate assets to pay off debts.

Despite these setbacks, the report mentions that Vashu and his son Jackky Bhagnani are actively working on reviving their production company.

Pooja Entertainment, established in 1986, has a rich legacy of producing successful films such as "Coolie No. 1," "Biwi No. 1," "Rangrezz," "Shaadi No. 1," and "Jawaani Jaaneman." The Bhagnanis are now determined to navigate through this challenging phase and restore their company's standing in the industry.