Will cooperate with authorities probing Desai death: Edelweiss ARC

Edelweiss Asset Reconstruction Company on Thursday promised full cooperation with authorities investigating the death of noted art director Nitin Desai.

The financial services company, which had successfully initiated insolvency proceedings against Desai's company ND Art World just last week, said it is committed to the legal process.

"We are committed to fully cooperating with all the relevant authorities. Our commitment to transparency, cooperation, and adherence to the legal process remains steadfast," it said in a statement.

The company communication came hours after Deputy Chief Minister Devendra Fadnavis announced a probe into the role of the creditors after ruling BJP's lawmaker Ashish Shelar named EARC and the group's chairman Rashesh Shah.

ND's Art World Pvt Ltd had borrowed Rs 185 crore through two loans from ECL Finance, an arm of the Edelweiss Group, in 2016 and 2018, and troubles with repayments started in January 2020.

The outstanding dues went up to Rs 252 crore including accrued interest by June 2022. The account was transferred to another asset reconstruction company before it got transferred to EARC.

In its late evening statement, EARC listed the chronology of events in the case and added that Desai was not able to get any relief from even the National Companies Appellate Tribunal as well, which rejected ND's Art World's appeal on August 1.