Vashu Bhagnani Speaks About Reports Of Being In Rs 250Cr Debt, Selling Office

There were reports stating that producer Vashu Bhagnani has sold his Pooja Entertainment office.

There were reports that producer Vashu Bhagnani, who has backed movies like Bade Miyan Chote Miyan, Mission Raniganj, Bell Bottom and Jawaani Jaaneman, has sold his seven-floor Pooja Entertainment office to pay off a debt of Rs 250 crore and laid off 80 per cent of the employees. He has also been accused of non-payment of dues to staff members.

Now, Bhagnani has said in an interview to The Times of India that things aren't as bad as they are made out to be. He added that the office building still belongs to him and is being refurbished into an apartment complex for "luxury homes." He told the publication that the plans were set into motion prior to the release of Akshay Kumar, Tiger Shroff-starrer Bade Miyan Chote Miyan. He also denied laying off staff members, and said that he has been working with the same team for a decade. “We haven’t asked anyone to leave.”

Speaking about the failure of the recent films that he has produced, Bhagnani told The Times of India that "hits and flops" are a part of the business and he is working on his next project. “I am working on an animation series, which is going to be pitched on a mega scale,” he said. 

He also addressed claims of him owing people money, saying that he has been in the movie business for the past three decades and if anyone feels that they are owed dues should come forward with proper documentations or file a case. He offered to meet people at his office and come up with solutions in 60 days. “I am not going to buckle under any pressure or blackmail,” he said.