Maharashtra Deputy Chief Minister Devendra Fadnavis said on Thursday, 3 August, that the private firm from which Nitin Desai had taken a loan will be probed to determine its role in whether the late filmmaker had been under mental stress or had been charged a high interest rate.
Desai was found dead at his ND studio in Karjat on Wednesday, 2 August. The director was found hanging at his studio. The police stated that it appeared to be a suicide case and claimed they are currently investigating.
According to a report by PTI, Fadnavis, in his statement to the state legislative assembly, also discussed legal considerations regarding the preservation or government's takeover of Desai's ND Studio in Karjat and that they will be examined.
In continuation of the report, Desai's firm, ND's Art World Pvt Ltd, had obtained two loans worth Rs 185 crore from ECL Finance in 2016 and 2018. Problems with repayment began in January 2020.
An insolvency petition submitted to a bankruptcy court last week claimed that Desai's business had defaulted on payments on a loan of Rs 252 crore to its financial creditor. The non-banking finance division of the Edelweiss Group is called ECL Finance.
According to PTI, in the assembly, BJP MLA Ashish Shelar alleged, "It is tragic that the winner of four National Awards had to end his life in this manner. He had taken a loan of Rs 180 crore for the N D Studio, which rose to Rs 252 crore. This brings forward the functioning of the lending system by Rashesh Shah and Edelweiss ARC Company. Only then will justice be done to Nitin Chandrakant Desai."
Before his alleged suicide, Desai urged the state government in a voice message, to take over his studio and support Hindi and Marathi artists.
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)