Amitabh Bachchan might have had a way of fighting out every struggle on the big screen and emerging victorious, in reality, his struggles often took a toll on his personal and professional life.
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.
The maths of it all
Amitabh Bachchan had taken a loan of Rs 22 crore from Canara bank, to expand the business and broaden its horizons. While ABCL had a net worth of Rs 60.52 crore, the company made a profit of around Rs 15 crore in the first year.
However, once they branched out, numbers started not adding up and the company went into a loss of Rs 70.82 crore. The bank caught hold of two of Bachchan's bungalows, valued at Rs 40 lakhs each and raw stocks too which they had kept as a guarantee.
Yash Chopra comes to the rescue
There were no films, no commercials, no projects for him. The star had begun to lose his charisma when he decided to save the company by doing what he could do the best - act. "There was a sword hanging on my head all the time. I spent many sleepless nights. One day, I got up early in the morning and went directly to Yash Chopraji and told him that I was bankrupt. I had no films."
"My house and a small property in New Delhi were attached. Yashji listened coolly and then offered me a role in his film Mohabattein. I then started doing commercials, television and films. And I am happy to say today that I have repaid my entire debt of Rs 90 crore and am starting afresh," Bachchan had told in an interview.
Amar Singh comes into the picture
Amitabh further added that he got a lot of emotional support from Anil Ambani and Amar Singh. "I am very fortunate that I have a younger brother like him. He gave his hand to me in that trouble and introduced me to the Managing Worker of Sahara Group Subarta Roy and industrialist Anil Ambani. They joined hands not to put money, but they gave me moral support and strength," he added.
"I paid back one and all, including Doordarshan. When they asked for the interest component, I did commercials in lieu for them. I can never forget how creditors used to land at our door, be abusive, threatening and demanding, and worse still, when they came for 'kudkee' at Prateeksha, our residence."
"We all go through these phases, peaks and troughs are what life is all about. I have been in a situation where I was at the lowest ebb in my life - professionally, commercially and personally. In order not to give up the moment, I was operating on the principle that the Corporation (ABCL, or Amitabh Bachchan Corporation Ltd) must not die, I had to ensure that I paid back every sow that I owed to a vast army of people. I felt it wasn't ethically right not to return the money," Bachchan told Mail Today.