The star suggested that producer Karan Johar has made a new version of the film as an easy way to make money, Mumbai Mirror reports.
"Remakes have set the cash registers ringing, haven't they? However, if I was a successful filmmaker, I wouldn't have tampered with Agneepath," the actor said.
Denzongpa, who played the iconic role of Kancha Cheena in the 1990 release, spoke about the differences between him and remake actor Sanjay Dutt.
"Sanjay's get-up is far different from what I sported. He has flair and he must have essayed the role in his own style," he revealed.
The Seven Years in Tibet star added that comparisons would be drawn between Hrithik Roshan and Amitabh Bachchan, who both perform the role of Dinanath Chauhan.
"Hrithik is a capable actor. But invariably, there will be comparisons between him and Amitabh Bachchan," said Denzongpa.
Agneepath releases January 26.