Hyderabad: Film producer Vashu Bhagnani addressed the swirling rumours surrounding his financial situation and real estate dealings, particularly in relation to his film Bade Miyan Chote Miyan. Bhagnani, during a recent interview with a news agency, vehemently denied allegations of financial mismanagement and asset liquidation, instead highlighting the integrity of his business operations and outlining his future plans.
When questioned about the fate of his properties, specifically the Pooja Luminaire building in Mumbai's Juhu, Bhagnani was resolute in his response. "Anyone can speak ill of others, but the claims about my building are completely baseless," he asserted. He went on to explain that the building remains intact and is, in fact, undergoing expansion, despite delays caused by the film's release schedule.
Bhagnani stated that Bade Miyan Chote Miyan did not perform well at the box office, but emphasised that this was a normal part of the film industry and unrelated to his real estate ventures. He revealed that he had acquired the Pooja Luminaire building 15 months earlier and had already begun the process of demolishing and rebuilding it, with plans to increase its size from a 'single building to a 15-story structure'.
Bhagnani suggested that the rumours may stem from a lack of understanding about the diversity of his business interests. "This is my 45th building project, and people simply don't know the scope of my work," he said. "I'm not just a film producer; I'm also involved in distribution, construction, and other ventures. Perhaps if I had a website or engaged in marketing, people would have a better understanding of my business."
With a career spanning three decades, Bhagnani, a businessman, has had enough of baseless rumours tarnishing his reputation. "My track record speaks for itself," he said, citing his impressive portfolio, which boasts iconic films like Coolie No. 1, Hero No. 1, and Biwi No. 1. "I've been in this industry for 30 years, and I know what drives the creation of films and the construction of buildings."
Regarding the allegations of mass layoffs within Pooja Entertainment and its affiliated companies, Bhagnani set the record straight, "If any of my employees had concerns, they knew they could come directly to me. Those who have been with me for 10-20 years remain with me." He emphasised his dedication to expanding his workforce as business demands grow, pointing to the ongoing operations at his Mumbai studio as evidence.
Bhagnani also addressed concerns about financial transparency and ongoing projects, unveiling ambitious plans for future film ventures, including an animation project slated to tap into the digital market by 2025-2026. Additionally, he disclosed his involvement in significant overseas construction projects, underscoring his passion for promoting Indian talent and culture globally.
In the face of adversity, Bhagnani remains resolute, asserting, "I'm not indebted to anyone; I'm the one paying my employees, not the other way around." He reiterated that his business decisions are driven by a genuine passion for filmmaking and real estate development, and he intends to continue contributing to the industry's growth despite the challenges. Bhagnani also vowed to take legal action against the rumours, determined to protect his reputation and set the record straight once and for all.
