The 53-year-old, who has films like the "Zanjeer" remake, "Policegiri", "Munna Bhai 3" and "P.K." in the works, was charged with illegal possession of arms and sentenced to six years in jail in 2007. The Supreme Court has now handed him a reduced term of five years.
Sanjay, who has already served 18 months of his sentence, has been given four weeks to surrender.
"Sanjay's upcoming films 'Policegiri' and 'Zanjeer' might get affected as some portions are still left to shoot... 'P.K.' is scheduled for release next year. Besides 'P.K.' is more of Aamir Khan's film. I would say not more than Rs.100 crore is at stake," trade analyst Komal Nahata told IANS.
Distributor Rajesh Thadani agreed. "Approximately Rs.100 crore to Rs.120 crore is at stake.
"The films, which are midway, will be affected. But it eventually depends on what the makers plan to do, and a lot also depends on how much time Sanjay goes in (the jail) for. Some amount of loss is bound to happen," he added.
Sanjay, the son of Bollywood legends Nargis and Sunil Dutt, has been entertaining moviegoers for over three decades. Last seen in "Zilla Ghaziabad" in February, he has already wrapped shooting for his part as Sher Khan in the remake of "Zanjeer", which has a budget of Rs.50 crore.
"We wrapped up shooting all his scenes just four days back," Amit Mehra, the film's producer, told IANS, adding that "this news has came as a shock and is very heartbreaking".