Navi Mumbai: The FIR registered by police on charges of abetment to suicide in art director Nitin Desai’s death names Rashesh Shah, Edelweiss ARC’s (Asset Reconstruction Company) non-executive and non-independent director, and its MD and CEO Raj Kumar Bansal as accused, among others, reports George Mendonca. Three others named as accused are Keyur Mehta and Smit Shah, of ECL Finance, a subsidiary of Edelweiss, and Jitendra Kothari, the administrator appointed by the National Company Law Tribunal (NCLT) as interim resolution professional.

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Navi Mumbai: Police said Edelweiss group’s MD Raj Kumar Bansal has been served a notice for seeking information and asked to visit Khalapur police station at 10am on August 8 to submit details.

Two days after film art director Nitin Desai allegedly died by suicide at his Karjat studio, his wife Neha registered an FIR of abetment to suicide at Khalapur police station on Friday. Several top executives of the Edelweiss group have been named.

In the FIR, Neha Desai has alleged the accused had pressured her husband to recover an outstanding loan and were attempting to take over his ND Film World Studio in Karjat for defaulting on loan repayment. Desai owed a total of Rs 252 crore to the creditor firm.

Edelweiss ARC’s company secretary Tarun Khurana stated the firm 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,” he stated.

Edelweiss ARC further stated, “In order to clarify some misgivings, we would like to state that Nitin Desai’s company was extended financial assistance in 2016 and 2018 for setting up theme park and working capital. Desai’s company encountered financial difficulties since 2020 and various attempts to improve the financial situation of his company did not near fruit. Desai’s company was eventually referred to NCLT in 2020 and admitted in NCLT in July 2023. We will fully cooperate in the police inquiry.”

The investigating officer, Vikram Kadam, has also asked N D Studio’s legal advisor, financial advisor and accountant to furnish loan details. Statements of 15 witnesses have been recorded.

In the FIR, Neha Desai has stated Nitin Desai had taken a Rs 150 crore loan from ECL Finance in November 2016 and a Rs 35 crore loan in February 2018 and mortgaged ND Studio’s land with ECL Finance.

She has alleged that despite paying EMI regularly, in April 2019, ECL officials pressured Desai to pay 6 months’ EMI for May to October 2019 in advance. Desai sold his Powai office and paid advance EMI, the FIR has stated.

Thereafter, Desai regularly paid EMI till February 2020 but in March a crisis arose due to the pandemic. But according to her complaint, ECL’s Keyur Mehta and Smit Shah kept pressuring Desai for repayment. Desai even offered one-time settlement of loan as he had investors for N D Studios but the four accused officials of Edelweiss and ECL did not revert. She alleged Jitendra Kothari, appointed by NCLT as administrator, favoured ECL Finance to ensure it took possession of N D Studios.