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Why did Amitabh Bachchan go bankrupt?
Did you know Amitabh Bachchan had a huge debt of Rs 90 crore?
What happened to Amitabh Bachchan Corporation Limited (ABCL)?
What happened to Amitabh Bachchan?
Amitabh Bachchan plunged into debt in 1999 due to the failure of his venture, Amitabh Bachchan Corporation Ltd (ABCL). He once recalled how creditors would land up at his home to recover...
Oct 11, 2022 · Bachchan’s brush with bad luck continued as ABCL (Amitabh Bachchan Corporation Ltd), the entertainment company he launched in 1995, turned into a financial disaster. The company had some initial success. It produced the hit TV show, ‘Dekh Bhai Dekh’. However it soon got involved in mismanagement controversies.
- Whenamitabhbachchan'scompanywasinafinancialmess
- In2003,Bigbannouncedhiscompany'srevival
- Bigb:Itoldyashchoprajithati'mbankrupt
- How'mohabbatein' Helpedbigb&Hepaidoffadebtofrs90crore
- Bigbhadalsopraisedpoliticianamarsinghforhelpinghim
- Bigb:Wehavebeenslammed;Wehavebeenhit
- Cuttopresent
ItallhappenedwhenBigB'scompany,AmitabhBachchanCorporationLimited(ABCL)wasplaguedbyfinancialdifficultiesfollowingBigB'sbankruptcy.Thecompanywasestablishedin1996andlaterfounditselfinadeepfinancialmess.In1999,ABCLapproachedBIFR(BoardofIndustrialandFinancialReconstruction)toberatedasasickcompany.
However,in2003,onhis61stbirthday,BigBdecidedtoannouncedthathe'srevivingthecompanyinanewavatar-ABCorpandhadsaid,"ManybusinessmenandfinancialadviserstoldmethatIshouldgiveupABCLandstartanewlife.ButsomewhereIfeltthatIowepeoplemoney.PeoplehadputfaithinABCLbecauseofmyname.Therefore,Icouldnotletitgoeasily."
Speakingofstrugglesbecauseofhisfailures,BigBhadtoldaleadingdaily,"Therewasaswordhangingonmyheadallthetime.Ispentmanysleeplessnights.Oneday,IgotupearlyinthemorningandwentdirectlytoYashChoprajiandtoldhimthatIwasbankrupt."(sic)
"Ihadnofilms.MyhouseandasmallpropertyinNewDelhiwereattached.YashjilistenedcoollyandthenofferedmearoleinhisfilmMohabattein.Ithenstarteddoingcommercials,televisionandfilms.AndIamhappytosaytodaythatIhaverepaidmyentiredebtofRs90croreandamstartingafresh,"hadaddedBachchan.
WhilesingingpraisesofAmarSingh,BigBhadsaid,"IamveryfortunatethatIhaveayoungerbrotherlikehim.HegavehishandtomeinthattroubleandintroducedmetotheManagingWorkerofSaharaGroupSubartaRoyandindustrialistAnilAmbani.Theyjoinedhandsnottoputmoney,buttheygavememoralsupportandstrength."
Inanotherinterview,BigBhadsaidthatafterABcorp'sresumption,hestartedsleepingandbreathingeasier.Hehadsaid,"TheoutstandingdebtofRs90crorewasnosmallsum.ButIbreatheeasiernow,Isleepeasieratnightnow.Wedon'twanttobetooproclamatory.Wehavebeenslammed,wehavebeenhit,wehavebeensubmerged.Wehavehadabadspell,aterriblespell,butwearereadytostartagain."
Ontheworkfront,AmitabhBachchanwaslastseeninTaapseePannustarrerBadla.HewillbeseennextinChehrealongsideEmraanHashmiandinAyanMukerji'sBrahmastra,inwhichhewillsharescreenspacewithRanbirKapoorandAliaBhatt.
- Lekhaka
Feb 16, 2024 · Despite his stardom, Amitabh's foray into business with the Amitabh Bachchan Corporation Ltd (ABCL) in the mid-1990s faced significant failures. ABCL, initially profitable, soon spiraled into debt, reaching a staggering Rs 90 crore.
Apr 14, 2020 · The fight. Amitabh Bachchan had revealed that he decided to overcome the obstacle by doing what he does best – that is act. He went to Yash Chopra and told him that he needed the project as he was bankrupt.
Apr 7, 2020 · So much so, that the actor had had to file for bankruptcy after his company, ABCL, or Amitabh Bachchan Corporation Ltd, failed to pay interest or re-pay debts. In an old interview, Bachchan spoke about how and who came to came to his rescue and how he emerged out of the financial crisis.
Oct 11, 2022 · The Indian Industries board declared the company failed. The situation was so dire that the Bombay High Court got involved. It barred Amitabh from selling off his bungalow 'Prateeksha' until he could pay off his loans. In a 2013 interview, Amitabh explained that he had a debt of Rs 90 crore then.
