As scripter-director-producer, Ghai has controlled his own destiny by owning and operating Mukta Arts (the name is Sanskrit meaning "liberation") for 30 years. But today, though he retains a commitment to making popular entertainment, few things preoccupy him as much as his film school, Whistling Woods Intl., which next month sees its first group of students complete their two-year course (see page A2).

Ghai himself had multiple educational beginnings -- studying commerce, training as an actor and shifting to the Film and Television Institute of India in Pune -- and helmed four films, including hit "Kalicharan," before setting up Mukta in 1978.

He likes to break new ground. Mukta was the first movie company to launch, with appropriate fanfare, but its shares have subsequently been given a bumpy ride as befits a small-cap stock in a volatile market.

"All the competition today is about achieving scale, big films, big directors. We are about creating from scratch. We start with the talent pool, then develop the content," says Ghai, adding ruefully, "Our approach may be reflected in our share performance."

"Subhash's journey has always been about new talent," says Mukta's executive director, Rahul Puri. "For the first 20 years when he was the only director working for Mukta, (Ghai) was always introducing new actors, new heroines. He had access to all the biggest stars, but often took new faces." Today he remains highly scornful of superstar salaries that can exceed below-the-line costs.

But Ghai by starting from the ground up is credited with having launched many careers including that of Madhuri Dixit in "Ram Lakhan" and Jackie Shroff in "Hero."

Today Ghai is no longer the only helmer on the Mukta lot. Company has a very respectable slate of six films that will lense this year. But Ghai's controlling touch prevails.

"We conduct our own story workshops, we control our productions and operate our own edit suites," Ghai says. "We have a full-time team searching for books, concepts, screenplays and so on. They get brainstormed, and usually only about one in 10 goes forward. We look to develop story and characters that will play well with audiences."

Ghai's most recent directorial effort, "Black and White," a niche film about terrorism, was brought to the company, spent years in development and saw other helmers come and go before Ghai stepped in to take //it// on.

"We are a bit like a U.S. studio in that we don't believe directors are the be-all and end-all of filmmaking. We like to leave final cut with a director, and will unless something goes hugely wrong, but the producer must have a say throughout," Puri says.

"It is not always easy, but we like to believe that if you have a good product, it will make money. Then, if we have good distribution, it'll make more money. And if we partner up with someone big, we will reduce the risk as well," Ghai says.

Mukta does both. Company now controls its own distribution in India through a network of nine regional offices. But in international territories it has its rights handled by others and recently inked a three-picture deal with Eros, the biggest international distributor of Indian films.

Included is Ghai's next upscale picture, "Yuvraaj," a picture about the arrogance of youth that is now 75% complete. Among its stars are Salman Khan, Katrina Kaif and Anil Kapoor.

But Ghai's reputation as Bollywood's biggest showman doesn't simply come from association with the stars, nor even his Hitchcocklike appearances in his own movies.

Mostly it comes from efforts to connect with audiences and make them want to see his films. He was one of the first in India to spend as much as 25% of production budget on promotion. At times the Indian press has rebelled against Ghai when it has felt manipulated or let down. But time and again it has forgiven him.