Art Director Nitin Desai's Death: Boss Of Loan Firm Edelweiss Group Meets Police

Three representatives of ECL Finance Company/Edelweiss Group today presented loan-related documents to the Raigad police in Maharashtra in connection with the alleged suicide of renowned film art director Nitin Desai, an official said.

ECL's managing director Phanindranath Kakrala was among the three company representatives who appeared before the investigating officers at Khalapur police station this morning, he said.

Desai, 57, who had worked for acclaimed Bollywood films such as "Lagaan" and "Jodhaa Akbar", was found hanging at his studio at Karjat in Raigad district on August 2.

The police on August 4 registered a criminal case against five persons, including Edelweiss Group chairman Rashesh Shah, for allegedly abetting Desai's suicide.

Desai's company ND's Art World Pvt Ltd had defaulted on a Rs 252 crore loan repayment to creditors and the Mumbai bench of the National Company Law Tribunal (NCLT) had initiated insolvency proceedings against it.

As instructed by the probe team, the ECL officials this morning brought loan-related documents to the police station, the official said.

Earlier this week, Kakrala and three officials were questioned by the probe team in connection with the loan given to Desai's company.

Officials were not satisfied with the information furnished and documents produced by the ECL officials and they were summoned again on Friday.

The police had earlier said that the investigating officer (IO) of the case is also gathering information from consultants, financial advisors and accountants of ND Studios, founded by Desai.

The police have found 11 audio clips in a voice recorder at the art director's office. In one of the voice notes found after his alleged suicide, Desai criticised a financial services firm to which his company owed money, the police said.

Desai also purportedly said he had walked a long road, and could not go any further.

In one of these clips or voice notes, he was heard saying his company could not come out of the financial crisis it was facing because of the procedure adopted by the financial services firm, they said.
 

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