Edelweiss: FIR in Nitin Desai death case names director & CEO of Edelweiss ARC | India News

NAVI MUMBAI: The FIR registered by police on charges of abetment to suicide in art director Nitin Desai’s death names Edelweiss ARC’s (Asset Reconstruction Company) non-executive and non-independent director Rashesh Shah and its managing director and CEO Raj Kumar Bansal as accused, apart from three others. The FIR was registered by Desai’s wife Neha at Khalapur police station on Friday, two days after he died allegedly by suicide at his Karjat studio.

The other three accused are Keyur Mehta and Smit Shah, belonging to ECL Finance, a subsidiary of Edelweiss, and Jitendra Kothari, the administrator appointed by National Company Law Tribunal (NCLT) as interim resolution professional.
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, while offering condolences on Desai’s death, 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.”
Raigad police said Bansal has been served a notice and asked to visit Khalapur police station at 10 am on August 8. The investigating officer, sub-divisional police officer Vikram Kadam, has also asked ND Studio’s legal advisor, financial advisor and accountant to give details of the loan taken by Desai’s company.