The circumstances that led eminent art director and production designer Nitin Desai to end his life because of financial distress would be probed, the Maharashtra government announced on Thursday even as the government will work out how to bail out his crisis-ridden ND Studio.
The body of 58-year-old Desai - whose debts had crossed over Rs 250 crore - was found hanging inside a facility in the ND Studio near Karjat in Raigad district on Wednesday morning.
The Khalapur police has registered an accidental death report (ADR) into the case of suspected suicide and investigations were in progress.
The post-mortem was conducted at the Sir JJ Hospital at Byculla in Mumbai which has ascertained the cause of death as due to hanging.
During the Maharashtra legislature session on Thursday, several MLAs and MLCs raised the issue of Desai's death and called for necessary action.
Desai has created magnificent sets for award-winning superhit films like Devdas, Jodha Akbar, Mission Kashmir, Munnabhai M.B.B.S and Lage Raho Munnabhai and TV show Kaur Banega Crorepati - and also created the ND Studio, a private facility with several indoor and outdoor locations.
Desai’s company, ND’s Art World Pvt Ltd, had borrowed Rs 185 crore through two loans from ECL Finance (a leading NBFC, promoted by the Edelweiss Group) in 2016 and 2018, and troubles with repayments started from January 2020. During Covid-19 triggered lockdown affected him badly. On July 25, the Mumbai bench of the National Company Law Tribunal had admitted a petition filed by Edelweiss Asset Reconstruction Company to initiate a corporate insolvency resolution process.
Responding to debate in the House, Deputy Chief Minister Devendra Fadnavis, who also holds the Home portfolio, assured necessary action.
“The role of a private lending firm, from which Desai had taken loan, would be probed to know whether he was charged high interest and if he was under stress,” said Fadnavis.
“As far as the studio is concerned, we will see whether it can be preserved or taken over by the government would be examined,” Fadnavis said.
BJP Mumbai President and former minister Ashish Shelar said: “There is an urgent need to investigate questionable money lending practices. Allegations point towards Rashesh Shah and his company. We demand the appointment of a special team to thoroughly investigate the method of charging interest rates and recovery.”