Conman Sukesh Chandrashekar wishes to buy stake in Karan Johar's Dharma Productions, writes, "My Life Jacqueline, has huge Respect towards you"

In a development that has left Bollywood and business circles in shock, notorious conman Sukesh Chandrashekar, currently in Tihar Jail on charges of extortion, has made an audacious offer to buy a significant stake in one of India’s most prestigious film production houses, Dharma Productions. The bid, which Chandrashekar claims is motivated by his admiration for Jacqueline Fernandez, has sparked widespread curiosity, skepticism, and controversy across the country.

As per reports, Chandrashekar submitted a ‘Letter of Intent’ from Tihar Jail through the legal firm Anantam Legal. In the letter addressed to filmmaker Karan Johar, Sukesh expressed his desire to acquire a controlling stake, between 50-70%, in Dharma Productions. Chandrashekar emphasized that the deal was non-negotiable and could be finalized within 48 hours if Karan Johar agreed to the terms.

“This is a letter of intent regarding acquiring a major portion of the stake in your company, Dharma Productions,” the letter, shared by Sukesh’s PR team, reads. According to the letter, the offer is backed by Chandrashekar’s financial advisor, who reportedly informed him that Dharma Productions was seeking investments. Sukesh’s company, LS Holdings, is said to be interested in supporting Dharma’s expansion plans.

While Sukesh Chandrashekar’s reputation is mired in controversy and legal issues, his letter portrays a deep-seated passion for films. “For me, movies are not just a business but a passion and an emotion, as I am personally a movie buff,” he wrote. He went on to acknowledge that his proposal might seem unusual, especially given his current circumstances, incarcerated in one of Asia’s largest prisons. “But Karan, the best and wonderful things happen from extraordinary situations, places, and persons.”

Chandrashekar emphasized that his intentions were genuine, despite his questionable background. He acknowledged the challenges posed by his reputation but sought to downplay them by asserting his love for movies and his belief in Dharma Productions’ potential for growth.

Sukesh’s admiration for Jacqueline Fernandez, whom he describes as the “love of his life,” is central to his proposal. The letter reveals Sukesh’s profound respect and admiration for Karan Johar, Dharma Productions, and Jacqueline. Sukesh shared that his entire family are big fans of Dharma’s movies, calling Johar a “wonderful human” and highlighting Jacqueline’s huge respect for the filmmaker and the production house.

“Me, my family, and Jacqueline are huge fans of Dharma Productions, mainly the wonderful human Karan Johar, and most importantly, love of my life Jacqueline has huge respect towards you,” the letter elaborated. He further added that acquiring a stake in Dharma Productions would be an honor, describing it as a privilege to become a part of Johar’s “family.”

Interestingly, while Sukesh Chandrashekar’s offer was making waves, another high-profile figure, Adar Poonawalla, the CEO of Serum Institute of India, has also been in discussions regarding Dharma Productions. Poonawalla is set to acquire a 50% stake in Dharma Productions and Dharmatic Entertainment for a whopping ₹1000 crore. Unlike Chandrashekar, Poonawalla’s investment is seen as a legitimate, strategic move to support the company’s expansion. His private investment through Serene Productions would leave Dharma with a residual stake, and Karan Johar would continue as the Executive Chairman.

This stark contrast between Chandrashekar’s controversial bid from prison and Poonawalla’s corporate investment underlines the complexity of the situation Dharma Productions finds itself in.

An Uncertain Future for the Bid

While Sukesh Chandrashekar’s offer has undoubtedly garnered attention, its legitimacy and practicality remain in question. Given Chandrashekar’s ongoing legal battles and criminal record, many are skeptical of how such a deal could materialize, if at all.

Dharma Productions, founded in 1976 by Yash Johar, is one of Bollywood’s most iconic production houses, with a legacy of films like Kabhi Khushi Kabhie Gham, Kuch Kuch Hota Hai, Yeh Jawaani Hai Deewani, and Raazi.

It is unclear how Karan Johar and the leadership at Dharma Productions will respond to the offer. The stakes are high, not only in financial terms but also in reputation and credibility, given the nature of Sukesh Chandrashekar’s history. The conman, currently jailed for a range of fraudulent activities, including extorting over ₹200 crores from high-profile individuals, is far from the traditional investor one would expect in the Indian film industry.

Nevertheless, Sukesh’s boldness and his appeal to Jacqueline Fernandez’s respect for Karan Johar have added an unusual twist to this saga. Whether Dharma Productions entertains the offer or not, this incident is bound to go down as one of the most bizarre proposals in Bollywood’s history.