BMCM producer sells 7-floor office to pay off Rs 250 cr debt, employees flag non-payment of dues: Report

Pooja Entertainment, whose recent venture Bade Miyan Chote Miyan bombed at the box office, is staring at a severe financial crisis. Vashu Bhagnani, the owner of the production house, has sold Pooja Entertainment's seven-floor office to pay off debts to multiple financiers worth around Rs 200 crore.

The identity of the builder who purchased the land and the amount at which it was sold is not yet known. The builder who purchased the land will likely demolish the building and create a luxurious residential project on the plot. 

Layoffs at Pooja Entertainment

Moreover, the production house has also laid off about 80 per cent of its employees and shifted its office base to a two-bedroom flat in Juhu, entertainment portal Bollywood Hungama reported.

These layoffs reportedly began in January this year after a film starring Tiger Shroff was finally shelved following a 2-year struggle to start the shooting. Layoffs also took place in April, more so after the release of the Akshay Kumar and Tiger Shroff-starrer Bade Miyan Chote Miyan.

A source familiar with the developments told Bollywood Hungama that the red flags in Pooja Entertainment's balance sheet started to appear ever since the release of Bell Bottom in 2021, the first movie to hit theatres post-COVID pandemic. 

"The film flopped badly at the box office and so did the next one, Mission Raniganj. The company faced another setback when the big-budget Ganapath failed to perform and was even rejected by Netflix despite an acquisition deal," the source further mentioned. 

The source added that the enormous investment in BMCM only worsened the company's balance sheet. While the company was hopeful that the action entertainer would turn its fortunes around, the failure of the film left the company in a vulnerable state, the source added. 

Employees flag non-payment of dues

Meanwhile, employees have called out the production house over non-payment of dues. One of them shared a lengthy note on Instagram about the 'unprofessional' and 'unethical' behaviour and practices at the company, further urging her colleagues to not work with the production house. 

Some of Pooja Entertainment's recent ventures include box office failures like Himmatwala, Humshakals, Bell Bottom, Mission Raniganj, Ganapath, and Bade Miyan Chote Miyan. The production house also has some big successes to its credit like Coolie No.1, Hero No. 1, and Biwi No.1 and other popular movies like Rehnaa Hai Terre Dil Mein and Om Jai Jagadish.