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Why did Amitabh Bachchan go bankrupt?
Did you know Amitabh Bachchan had a huge debt of Rs 90 crore?
Why did Amitabh Bachchan fail?
What happened to Amitabh Bachchan Corporation Limited (ABCL)?
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...
- 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
Aug 4, 2023 · Amitabh Bachchan had gone bankrupt, his company ABCL had massive losses that he couldn't incur. However, he bounced back with Kaun Banega Crorepati.
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.
Oct 11, 2022 · Amitabh Bachchan owed more than Rs 90 crores to different people. Creditors used to land at his door - abuse, threaten and demand money, Amitabh Bachchan had himself revealed in 2013 interview with Mail Today. The debt was so deep that his iconic bungalow Pratiksha, was at risk of getting seized.
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Oct 9, 2022 · For those unversed, Amitabh Bachchan was on the brink of bankruptcy in 1999 when his venture, Amitabh Bachchan Corporation Ltd (ABCL), faced major losses.
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.
