Vashu Bhagnani sold 7-storey office to pay off debt of Rs 250 crore, also fired 80% of the staff

Ronit Kawale
Ronit Kawale - Senior Editor
3 Min Read
Vashu Bhagnani sold 7-storey office to pay off debt of Rs 250 crore, also fired 80% of the staff

Film producer Vashu Bhagnani's company Pooja Entertainment is going through a very difficult phase at the moment. It is currently in a big financial crisis, to overcome which Vashu Bhagnani has sold the Mumbai office of Pooja Entertainment. Vashu Bhagnani did this to repay a debt of Rs 250 crore. Not only this, the producer has also fired 80 percent of the company's staff. Pooja Entertainment has been one of the big production houses of Bollywood and many hit films have been made under its banner in the last 4-5 decades. These include films like 'Hero Number One', 'Biwi Number One', 'Bade Miyan Chote Miyan', 'Mission Raniganj', 'Jawaani Jaaneman' and 'Bell Bottom'. But to rescue Pooja Entertainment, which has seen many ups and downs, from a big financial crisis, Vashu Bhagnani has sold his seven-storey office. At present it is not known for how much money it was sold and who has bought it. According to the report of 'Bollywood Hungama', this building will be demolished and a luxury residential project will be built in its place.

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80% of the staff was fired, due to this the situation worsened

According to sources, Vashu Bhagnani has fired around 80 per cent of the staff and shifted the office to a two-bedroom flat in Juhu. The report states that the layoffs began in January 2024 when Tiger Shroff starrer 'Jagan Shakti' struggled to come on the floors for two years and then got shelved. The staff strength was further reduced in April 2024, especially after the release of 'Bade Miyan Chote Miyan'.

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Big loss from 'Bade Miyan Chote Miyan', layoffs started in January

This development comes after Bade Miyan Chote Miyan flopped at the box office. Made on a budget of Rs 350 crore, the film could only earn Rs 59.17 crore. This led to a huge loss of Rs 125-150 crore for the production house. Vashu Bhagnani and Jacky Bhagnani are now trying their best to bring Pooja Entertainment back to its old avatar and discussions are on about how to move forward. Reports are that despite selling the offices, they are going ahead with Shahid Kapoor starrer Ashwathama, which they announced a few months ago.

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