Nitin Desai Suicide: ‘Did Not Act Outside Legal Framework,’ Says Edelweiss ARC

Nitin Desai Suicide: ‘Did Not Act Outside Legal Framework,’ Says Edelweiss ARC

Edelweiss ARC says it followed all processes as mandated by the RBI

Amit SrivastavaUpdated: Saturday, August 05, 2023, 11:38 PM IST
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Nitin Desai | FPJ

Mumbai: A day after police in Khalapur registered a case of abetment to suicide against five people, including top officials of Edelweiss and Edelweiss ARC, in the alleged Nitin Desai suicide case, the company secretary of Edelweiss Asset Reconstruction Company Limited (Edelweiss ARC) issued a clarification.

A statement by Tarun Khurana stated that Edelweiss ARC followed all legal processes as mandated by the Reserve Bank of India and did not act in any manner outside 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. We followed our own detailed procedures through established legal channels at great expense and time to us,” the statement said

Co. shares details of financial transactions executed

The company shared details of the financial transactions executed with Nitin Desai’s company, ND’s Art World Private Limited. It stated: “In order to clarify some misgivings, we would like to state that Shri Nitin Desai’s company was extended financial assistance in 2016 and 2018 for setting up a theme park and working capital. The company encountered financial difficulties since 2020 and various attempts to improve the financial situation of the company did not bear fruit. The company was eventually referred to NCLT in 2022 and admitted to NCLT in July 2023.”

The renowned art director and four-time national award winner was found dead at his ND Studio in Karjat on August 2.

Edelweiss ARC promised that it would cooperate fully with the enquiry process. “We respect the need for the authorities to inquire into such tragic events and will cooperate fully with the enquiry process. We are confident that they will also conclude that we have acted lawfully,” the note said.

The company also extended its condolences to the deceased’s family. “Edelweiss ARC is deeply saddened by the demise of Shri Nitin Desai under tragic circumstances. Shri Nitin Desai’s death is a big loss to the Indian film industry and the art world that no words can express. We pray for his soul and offer our heartfelt condolences to his family and the staff of ND Arts,” said the company.

Based on the complaint of Neha Nitin Desai, wife of Nitin Desai, the Khalapur police registered an FIR. Five officials were named in it.

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