"I have just landed back in the country last night and reading all the news has been very disturbing. I have requested the producers of 'Housefull 4' to cancel the shoot until further investigation," Akshay tweeted on Friday morning.
"This is something that requires stringent action. I will not work with any proven offenders and all those who have been subjugated to harassment should be heard and given the justice they deserve," added the actor, who came back from Italy on Thursday night.
Sajid has been named by multiple women, including two actresses -- Sonali Chopra and Rachel White -- and one journalist for sexual misconduct.
Akshay's wife and producer Twinkle Khanna also urged everyone involved with the film to take a stand.
"Appalled hearing multiple incidents of harassment and it is truly horrific to hear what these women have been through. Everyone involved in 'Housefull' needs to take a firm stance on this issue. This cannot go on," she posted on Twitter.
"Housefull 4" also stars Bobby Deol, Riteish Deshmukh and Kriti Kharbanda.
(With inputs from agencies.)