In the year 2000, when the entire world was celebrating the new century, Amitabh Bachchan faced a major financial crisis in his life where he lost almost everything he had. There were no films, no money, no company, a million legal cases against and the tax authorities had put notice of recovery on my home
Amitabh bachchan was already a super star in Bollywood and is one of the best actor in his era. He first gained popularity in the early 1970s as the Angry young man of Hindi cinema or Bollywood, and has since become one of the most prominent figures in the history of Indian cinema. He is the most-nominated performer in any major acting category at Filmfare, with 36 nominations overall.
In 1995 Amitabh started Amitabh Bachchan Corporation Ltd(ABCL) that specialized in film production and event management. ABCL was all about making films, distribution of films, selling music rights, managing big events, television production. The first year the company did achieve its target turnover of Rs 65 crore and made a profit of 15 crores. But that growth was not substantiated in the second year.Trouble started between Bachchan and their professional managers when Amitabh agreed to do stage shows in North America.
Miss World Pageant
The company burst into the limelight in 1996 when it brought to India the Miss World Pageant.But in its tearing hurry to grow and expand, it seemed to have spread itself too thin without proper planning and management control. ABCL’s biggest mistake was to conduct Miss World pageant. No it was due to the poor management.
Miss World 1996, the 46th Miss World pageant took place on November 23, 1996 in the city of Bangalore, India. 88 contestants from all over the world took part in the prestigious pageant. By the end of the night, Irene Skliva of Greece took home the title.
In 1999 ABCL was facing a liquidity crunch. Huge funds were blocked in production and distribution of films. The company was not able to pay salaries even to their staffs. The main creditors Canara bank and India’s public broadcaster doordarshan had filed cases against ABCL in Mumbai high court. The decision was against ABCL and the court directed Bachchan to sell his bungalow “Prateeksha” and two flats to clear the debts of around $14M. Amithabh had to mortgaged his bungalow to Sahara group to raise funds. Even with the raised funds, he could not clear all his debt.
Kaun banega crorepati
It was Subrata roy of Sahara India who helped him financing for raising more funds. he apparently had to ask Yash Chopra for a job, which why he then appeared in Mohabbatein and the film was a blockbuster. Big B was back in action by 2000, this time on the small screen with “Kaun banega crorepati” a popular Hindi television show. The Show turned out to be a big success and it had revived his fortunes along with the participants and star plus channel. It is estimated that Bachchan earned Rs. 15 Crore for 85 episodes of the show.
Then ICICI bank helped him to get big money and he could pay back creditors and clean up ABCL’s balance sheet. Imagine starting your life from zero worth at the age of retirement. His hard work and determination is what worked for him.
He faced near death experience, bankruptcy, career struggle, rejection, and over flooded emotional stress at various stages of life. After being life-threatening injuries in one of his movie, and being bankruptcy after several years of slump and consecutive box office failure,But the undying determination or believe in self, let him move ahead.
Amitabh is a prime example of someone being pegged back repeatedly in life, personal and professional, and yet he fought back….!!