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Edelweiss ARC on Thursday issued a statement regarding insolvency proceedings against art director Nitin Desai's company, ND's Art World Private Limited. The investment and financial services company said, "We are deeply saddened by the demise of Shri Nitin Desai and express our deepest condolences to his family as they navigate through this difficult time."

The Maharashtra police will soon summon the officials from Edelweiss Asset Reconstruction Company Limited or Edelweiss ARC in connection with its probe into the death by suicide of renowed art director, Nitin Desai. On Thursday, the Raigad police recorded statements of 13 people including Desais wife and staff members at the ND Studio where his body was found.

Noted art director Nitin Chandrakant Desai, who was found dead at his studio in Maharashtra's Raigad, had defaulted on a Rs 252-crore loan to its financial creditor, and a bankruptcy court had admitted an insolvency petition against his firm.

Noted art director Nitin Chandrakant Desai, who was found dead on Wednesday at his studio in Maharashtra’s Raigad district, had defaulted on a Rs 252-crore loan to its...

India Business News: The National Company Law Tribunal (NCLT) Mumbai recently had allowed an application filed by Edelweiss Asset Reconstruction Company Limited and initia