Nitin Desai’s 250 Crore Debt: The Studio’s Close Call and How He Prevailed?

Surviving the Studio’s 250 Crore Debt: Nitin Desai’s Tale of Triumph

Nitin Desai had a debt of ₹250 crore: The studio could have been shut down; 4 people mentioned in audio clip received by police from mobile.

Bollywood’s well-known art director Nitin Desai committed suicide on Wednesday morning. Sources told Bhaskar that Nitin had a debt of about Rs 250 crore. His company ND Studio was heavily in debt. Nitin had gotten a 180 crore rupee loan from a business.

Including interest, the loan amount had reached Rs 250 crore. The company had taken legal steps for recovery. The company had also proposed to confiscate the studio to the District Magistrate there. There was also a possibility of ND Studio being sealed. On the other hand, the police have got an audio clip from Nitin’s phone, in which four people are mentioned.

 

Nitin Desai had taken loan twice

Through the ECL firm, Nitin’s business, ND Arts World Private Limited, twice obtained a loan for 185 crores. While the second loan was obtained in 2018, the first loan was obtained in 2016. When it came time to return the debt in 2020, everything went wrong.

Police said- dead body found hanging from a rope at 9 am

Police say that Nitin Desai’s body was found hanging from a rope at around 9 am. A short time after the incident, Doug Scott’s team arrived there. Police say they are probing the case from every angle.

 

Police got audio clip of Nitin

Four people are referenced in an audio tape that the police have that was taken from Nitin’s phone. The police suspect that Nitin Desai committed suicide under their pressure. His statement will be recorded soon.

Producer Anand Pandit said that Nitin hoped to create a studio on par with Disney.

Producer Anand Pandit said- Nitin Desai actually wanted to build a Disney level studio in Karjat, he was in stress about it. Although when I last talked to him 6 months ago, he was quite happy, don’t know what has happened now.

 

Nitin was about to celebrate his birthday after a week

Exactly a week later, on August 9, it was Nitin Desai’s birthday. Famous art director of Marathi industry Sumit Patil has given this information. Sumit said that he had spoken to Nitin on Tuesday morning. A day before the incident, he was busy shooting for his upcoming project.

Sumit told, ‘Nitin Dada’s birthday is on August 9, but due to Sunday, he was going to celebrate the birthday on August 6 itself. Dada was looking excited on the phone. He was also about to shoot his documentary with great enthusiasm.

He also said in the conversation on Tuesday that the shooting date of the documentary is kept in the next week, so that the events related to the birthday are completed. Nitin Dada seemed normal on the phone. We are all still quite shocked how this happened.

Nitin’s documentary was to come on August 6

The name of Nitin’s documentary is ‘Breaking the Fourth Wall on Nitin Desai’. Strong people like Anil Mehta, Paresh Mokashi, Sanjay Leela Bhansali were being interviewed for this documentary. All these people had shared specific information about Desai. Nitin Desai worked as an art director in Bhansali’s three big films. Bhansali’s interview was scheduled to be shot at ND Studio.

 

Akshay skips trailer launch of OMG-2 as a mark of respect for Nitin Desai

Today the trailer of the film OMG-2 was about to be released. In memory and respect of Nitin Desai, Akshay has postponed the trailer launch by a day. Akshay wrote on social media – I am shocked to hear about Nitin Desai.

His work in production design cannot be forgotten. We are not launching the trailer of OMG-2 today as a mark of respect to him. You will get to see the trailer tomorrow at 11 am.

 

Nitin had taken excessive loan – Fwice President BN Tiwari

Federation of Western India Cine Employees Union (Fwice) President BN Tiwari told that a few months ago he had gone to Nitin Desai with a financier.

BN Tiwari said- I had tried to help him, that is why a financier was also taken to him. Nitin had taken excessive loan. He also spent a lot on his daughter’s wedding. He was under a lot of pressure from all these things.

 

Went to the room at 10 pm, the door did not open in the morning

Nitin was 58 years old. He used to spend most of his time in his ND studio. According to someone information from police sources, Desai entered his room on Tuesday at 10 p.m. He did not come out for a long time this morning.

His bodyguard and others knocked on the door. Desai’s body was discovered hanging from the ceiling fan as seen from the window. The dead body was sent for a postmortem by the police. The police have so far taken 10 people’s statements in this matter.