The Bombay High Court has scheduled a hearing for the petitions filed by Rashesh Shah, Chairman of Edelweiss Financial Services, and Raj Kumar Bansal, MD and CEO of Edelweiss ARC, in which they seek to have the FIR against them for allegedly abetting the suicide of renowned film art director Nitin Desai quashed. Along with Shah and Bansal, Smit Shah, a company official, Keur Mehta, and Jitender Kothari have also filed petitions with the High Court, seeking the quashing of the FIR. The hearing for these pleas is set for Friday, August 11. The accused have also requested interim protection from coercive action. Amit Desai, senior counsel for Bansal, Shah, and the other accused, has urgently brought this matter before a division bench led by Justice N W Sambre.
Aabad Ponda, senior counsel representing Kothari, has informed the court that Kothari has no role to play and was not even able to perform his duty. The bench has agreed to hear the petitions on August 11. Nitin Desai was discovered hanged at his studio in Karjat, Maharashtra, on August 2. His wife lodged an FIR with the Khalapur police station on August 4 to investigate his death. Shah, Bansal, Kothari, and two others have been named in the FIR for abetment to suicide under sections 306 and 34 of the Indian Penal Code.
Desai’s company, ND’s Art World Pvt Ltd, defaulted on a Rs 252 crore loan repayment, which led to insolvency proceedings being initiated against it by the Mumbai bench of the National Company Law Tribunal. Edelweiss ARC has denied any undue pressure being exerted on Desai for loan recovery. The Raigad police, who are investigating Desai’s death, have discovered 11 audio clips in a voice recorder at his office. In one of the clips, Desai criticizes a financial services firm that his company owed money to. Desai also indicates that he has reached a dead end. Shah and Bansal argue in their petitions that they followed the official procedure for recovery.
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(With Inputs from PTI, Suraj Ojha)
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