The role of creditors will be probed in Nitin Desai’s death, says Devendra Fadnavis

Mumbai The body of noted film art director Nitin Desai was found hanging in his studio in Maharashtra’s Raigad district on Wednesday. A senior police officer gave this information. The official said that prima facie it appears to be a case of suicide and it is being probed from all angles. Reports are also coming that he was facing financial crisis for a long time. According to sources, Nitin Desai had taken a loan of Rs 180 crore from a finance company. He had also mortgaged his land and other assets. The art-director was unable to repay the loan and was heavily in debt. Last September, the said company had written a letter to the Collector and offered to recover the money taken from them by Desai.

A day after noted art director Nitin Desai was found dead, Maharashtra Deputy Chief Minister Devendra Fadnavis on Thursday said the role of a private lender from whom Desai had taken a loan would be probed. He said the probe would ascertain whether the company was charging high interest and whether Desai was under stress. Fadnavis, who holds the home portfolio, told the assembly that the legal aspects would be looked into as to how Desai’s ND Studio in Karjat near Mumbai could be preserved or taken over by the government.

Noted art director Nitin Desai (57), who designed lavish sets for films like ‘Jodhaa Akbar’, ‘Lagaan’ and popular TV show ‘Kaun Banega Crorepati’, was found hanging in his studio on Wednesday. Desai’s company ND Art World Pvt Ltd had borrowed Rs 185 crore through two loans from ECL Finance in 2016 and 2018 and the repayment troubles started in January 2020. According to an insolvency petition filed in an insolvency court last week, ND Art World Pvt Ltd had defaulted on a loan of Rs 252 crore to its financial creditors.

ECL Finance is a leading NBFC, promoted by Edelweiss Group. Fadnavis was responding to a demand by Bharatiya Janata Party (BJP) MLA Ashish Shelar that the issue should not be treated as just an accidental death. As part of the systemic question, Shelar demanded that Desai’s death should not be seen as just a case of accidental death, but should be dealt with from a larger perspective.

The BJP MLA said Desai made a name for himself in the field of art direction with his talent and achievements. Shelar alleged, “It is sad that Desai, a recipient of four National Awards, had to take this step. He had taken a loan of Rs 180 crore for ND Studio, which increased to Rs 252 crore. This shows the modus operandi of Rashesh Shah and Edelweiss ARC company in providing loans.” Shelar said that therefore, the matter should not be probed as mere accidental death, but the interest rate charged, applicable by this company A special team should be constituted to look into the recovery process done and many such issues. He said, “Only then Nitin Chandrakant Desai will get justice.”

The BJP MLA also said that he had information about two more cases against the “modern moneylender” and would submit the information to the Home Minister. Congress leader Ashok Chavan said that the government should take control of Desai’s studio instead of allowing it to be auctioned. “It will be a tribute to Nitin Desai,” he said. Describing Desai as the pride of the Marathi people, Fadnavis said, “Apart from films, he also created themes for political events, tableaux of the state for the Republic Day parade in Delhi.” Prepared and also contributed to the beautification of the Ghats in Varanasi. “The role of lenders will be probed in the probe into Desai’s death and whether he was under mental stress and pressured,” the deputy chief minister said. Had been.