Nitin Desai death: Raigarh police registers FIR against ECL Finance, Edelweiss Group officials

  • In the complaint, Neha Desai alleged that Nitin was facing repeated mental harassment in connection with the loans his company had taken and he committed suicide because of it.

Edited By Saurav Mukherjee
Updated5 Aug 2023, 09:26 AM IST
File: Nitin Desai, well known Production Designer of hindi film industry (aka Bollywood), photographed at his N.D. Studios, in Karjat, outskirts of Mumbai. Photograph: ABHIJIT BHATLEKAR/MINTShukla's Story)
File: Nitin Desai, well known Production Designer of hindi film industry (aka Bollywood), photographed at his N.D. Studios, in Karjat, outskirts of Mumbai. Photograph: ABHIJIT BHATLEKAR/MINTShukla’s Story)

Maharashtra's Raigad police on 4 August registered an FIR against five persons including officials of ECL Finance and Edelweiss Group for alleged abetment of art director Nitin Desai's suicide, reported news agency PTI.

The Khalapur police registered the FIR under IPC sections 306 (abetting suicide) and 34 (common intention) based on a complaint filed by Desai's wife Neha Desai, PTI quoted an official as saying.

In the complaint, Neha Desai alleged that Nitin was facing repeated mental harassment in connection with the loans his company had taken and he committed suicide because of it.

ALSO READ: 'Will probe all possible angles in Art Director Nitin 

 

Edelweiss ARC followed all legal processes as mandated by RBI: Full Statement

Edelweiss Asset Reconstruction Company Limited (“Edelweiss ARC”) is deeply saddened by the demise of Shri Nitin Desai under tragic circumstances.

In order to clarify some misgivings, we would like to state that Shri Nitin Desai’s company was extended financial assistance in 2016 and 2018 for setting up a theme park and working capital. The company encountered financial difficulties since 2020 and various attempts to improve the financial situation of the company did not bear fruit. The company was eventually referred to NCLT in 2022 and admitted to NCLT in July 2023.

Edelweiss ARC followed all legal processes as mandated by RBI and has not acted in any manner outside of the legal framework. Neither was the interest rate charged excessive nor was there at any time undue pressure being put on the borrower for recovery. We followed our own detailed procedures through established legal channels at great expense and time to us.

We respect the need for the authorities to inquire into such tragic events and will cooperate fully with the enquiry process. We are confident that they will also conclude that we have acted lawfully.

Nitin Desai’s death is a big loss to the Indian film industry and the Art world that no words can express. We pray for his soul and offer our heartfelt condolences to his family and the staff of ND Arts.

 

Earlier on Wednesday, Desai, who had worked for acclaimed Bollywood films such as 'Lagaan' and 'Jodhaa Akbar', allegedly hanged himself at his studio at Karjat in Raigad district.

As per details, his firm -- ND's Art World Pvt Ltd --defaulted on a 252 crore loan repayment to creditors and the Mumbai bench of the National Company Law Tribunal had initiated insolvency proceedings against it.

Also, Desai's firm borrowed 185 crore through two loans from ECL Finance in 2016 and 2018, and troubles with repayments started in January 2020. ECL Finance is a non-banking finance arm of the Edelweiss Group.

Earlier on Thursday, Maharashtra Deputy Chief Minister Devendra Fadnavis said that all possible angles in the Art Director Nitin Desai's death will be investigated.

During a reply to a question in the Maharashtra Assembly, Deputy CM Devendra Fadnavis said people who used to meet him will also be probed.

“We will investigate all angles angle whether he was pressurized. We will see if any things can be done for him as far as the studio is concerned. At present can’t make any announcement on it. We will also investigate the people whom he used to meet too," Devendra Fadnavis said.

With agency inputs.

Catch all the Budget News , Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:5 Aug 2023, 09:26 AM IST
HomeNewsIndiaNitin Desai death: Raigarh police registers FIR against ECL Finance, Edelweiss Group officials

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    Tata Steel

    160.30
    03:59 PM | 24 JUL 2024
    0.25 (0.16%)

    Bharat Electronics

    300.15
    03:52 PM | 24 JUL 2024
    -1.35 (-0.45%)

    NTPC

    392.55
    03:50 PM | 24 JUL 2024
    10.2 (2.67%)

    Federal Bank

    201.45
    03:58 PM | 24 JUL 2024
    3.45 (1.74%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    Castrol India

    270.60
    03:56 PM | 24 JUL 2024
    24.05 (9.75%)

    HBL Power Systems

    648.35
    03:58 PM | 24 JUL 2024
    54.6 (9.2%)

    ICICI Prudential Life Insurance Company

    693.90
    03:49 PM | 24 JUL 2024
    56.3 (8.83%)

    Borosil Renewables

    560.70
    03:57 PM | 24 JUL 2024
    42.45 (8.19%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      71,412.00-3,783.00
      Chennai
      70,716.00-4,406.00
      Delhi
      70,716.00-4,332.00
      Kolkata
      70,716.00-4,845.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.86/L0.00
      Chennai
      100.78/L0.03
      Kolkata
      104.95/L0.00
      New Delhi
      94.72/L0.00
      OPEN IN APP
      HomeMarketsPremiumInstant LoanBudget