Raigad (Maharashtra), Aug 2 (IANS): A solemn memorial was held on Friday to mark the first death anniversary of ace art director Nitin Chandrakant Desai -- who died by suicide on this day last year -- at his N.D. Art World studio complex in Karjat.

According to the late art director's uncle Shrikant Desai, certain rituals and ceremonies were performed as per Hindu tenets in the memory of Nitin Desai which were attended by his wife Neha N. Desai, and their daughter Tanvi, along with other relatives, around 90-plus studio staffers, and locals.

Their two other children, Mansi, who is married and settled in the US, and her younger brother Kant, studying there, could not attend the ceremony in person, he said.

The sudden demise of Nitin Desai (57) shocked Bollywood and Hollywood circles, raising questions on the fate of the debt-ridden studio complex which he passionately developed for years after its founding in 2004.

Nitin Desai was buried under a huge debt of around Rs 252 crore, and faced insolvency proceedings under CIRP initiated against him in July 2023 by the National Company Law Tribunal, Mumbai.

The debtors included the ECL Finance Company/Edelweiss Group even as the family claimed that they had paid up some Rs 90 crore of the dues.

However, now there is a ray of hope with the Maharashtra government working speedily to take over the entire studio spread across 45 acres of land, and is likely to develop and run it on the lines of the Film City in Mumbai.

“In the past year, we had at least three meetings with Chief Minister Eknath Shinde, Deputy CMs Devendra Fadnavis and Ajit Pawar, besides my nephew’s close friend Vinod Tawde. As per indications, the government is likely to finalise the takeover of the studio this month," Shrikant Desai told IANS.

As per the discussions, the government will pay off all the dues, creditors, lenders, and others, and then plan to revive the studio complex to its original glory, as the vicinity is now classified as a ‘no-development zone’ for any private projects.

To a question, Shrikant Desai said the studio has been functioning with many shooting assignments landing there. It earned around Rs 9 crore in the past year, with 90-odd staffers continuing in service.

“Presently, I am managing the studio affairs. All the income that is earned, we pay to the NCLT which in turn is clearing off the past debts and staff salaries, maintenance, and other bills here. However, once the government takes it over, we hope that all the dues will be cleared at one go,” Shrikant Desai said.

Referring to the series of cases filed against some of the lenders for alleged abetment to (Nitin Desai’s) suicide, Shrikant Desai said that since the studio takeover plans are currently in their final stages, he would not comment on it.

Based on a complaint by Neha Desai in August 2023, the Khalapur police station filed an FIR against ECL Finance Co/Edelweiss Group and five of its officials.

She had claimed that the officials of the two companies were regularly harassing her husband (Nitin Desai) for the dues, and owing to the mental stress, he resorted to the extreme step, as she submitted audio ‘suicide recordings’ to the police.

Later, Shrikant Desai contended that many investors were ready to help out but the Edelweiss Group blocked his moves, pressured him, charged interest at exorbitant rates, and also threatened to send bouncers to capture the studio premises.