A day after renowned art director Nitin Desai as found dead, Maharashtra Deputy Chief Minister Devendra Fadnavis on Thursday said the role 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 mental stress.
Speaking in the state legislative assembly, Fadnavis who holds the home department, also said legal aspects on how Desai’s N D Studio at Karjat near Mumbai can be preserved or taken over by the government will be examined.
Desai, the creator of lavish sets for films such as ”Jodhaa Akbar” and ”Lagaan” as well as the popular TV quiz show ”Kaun Banega Crorepati”, was found hanging at his studio on Wednesday. Police said it seemed to be a case of suicide and added that the matter was being investigated from all angles.
Desai’s company ND’s Art World Pvt Ltd had borrowed Rs 185 crore through two loans from ECL Finance in 2016 and 2018, and troubles with repayments started from January 2020.
Desai’s company had defaulted on a Rs 252-crore loan to its financial creditor, according to an insolvency petition filed in a bankruptcy court last week. ECL Finance is a non-banking finance arm of the Edelweiss Group.
BJP MLA Ashish Shelar, through a point of order in the assembly, demanded that Desai’s death should not be treated as a case of accidental death only, but must be dealt with from a larger perspective.
Desai made a name for himself in the field of art direction with his sheer talent and his accomplishments, the BJP MLA said.
”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,” Shelar alleged.
Hence, this case must not be investigated only as an accidental death but a special team must be deployed to investigate the interest rate levied, the rate at which this interest escalates every year, the recovery methods deployed by this company and many such issues, he added.
”Only then, will justice be done to Nitin Chandrakant Desai,” he said.
He also said that he is aware of two more cases against this ”modern-day money lender” and information about it will be submitted to the home minister.
Congress leader Ashok Chavan said the government should take over Desai’s studio instead of allowing it to be auctioned.
”This would be a tribute to Nitin Desai,” he said.
In response to the demands, Fadnavis assured a thorough probe into the case.
Describing Desai as the pride of Marathi people, Fadnavis said, ”Apart from movies, he also prepared themes for political programmes, state’s float for the Republic Day parade in Delhi and also contributed to beautification of ghats in Varanasi.” ”The probe into Desai death will inquire the role of creditors and whether he was under mental stress and being pressured,” the deputy CM said.
In the legislative council, BJP MLC Pravin Darekar also demanded a probe into the circumstances leading to Desai’s death.
Darekar said Desai had taken a loan of Rs 150 crore from financial institution Edelweiss, but the accrued interest took the amount to Rs 250 crore.
He said Desai had called him seeking help through Mumbai District Bank, but his account had become a non-performing asset and the bank limit to give loan was only Rs 10-15 crore.
Darekar said he himself called Chief Minister Eknath Shinde and apprised him of Desai’s financial woes.
The CM helped and Desai got an extension on his loan. In the meantime, there were efforts to see if he can get loan from somewhere, he said.
”Edelweiss…it should be probed. The original loan was Rs 150 crore and interest (accrued) on it forced him (Desai) to commit suicide. When the process of attaching the studio began, his mental state was to embrace death,” Darekar said.
Before the suicide, Desai recorded a voice message in which he urged the state government to take over his studio and help promote Hindi and Marathi artists.
”The issue (the circumstances leading to his death) needs to be probed. My demand is to probe what was the nature of the loan, how he (Desai) was tortured…he had given several one-time settlements…why did we not pay heed,” the BJP MLC said.
Darekar said there are ”many Nitin Desais in the pipeline”.
Congress MLC Ashok Jagtap supported Darekar’s demand for a probe against the finance company.
Shiv Sena MLC Sachin Ahir said Desai’s N D Studio should be taken over by the state government instead of letting it be go into the hands of any private entity.
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