Award-winning Bollywood director Nitin Desai has been found dead in his studio, prompting a police investigation.

The 58-year-old was reportedly discovered by workers at ND studios in Karjat, near Mumbai. Police rushed to the scene but he was confirmed dead. 

Desai was a huge figure in the Bollywood industry and over his 20-year career he won the National Award for Best Art Direction four times. 

He had reportedly been living in the Raigad district in Maharashtra since 2005 where he opened his 52-acre studio to make films such as Farzand and Ajintha.

Desai had allegedly admitted an insolvency petition against his company last week and was in significant debt, the Hindustan Times reported. 

Filmmaker Madhur Bhandarkar told the paper that he was shocked by the news of his friend’s death, adding that just three months ago Desai had hosted a lavish wedding party for his daughter.

Asked if he suspected Desei was struggling financially, Bhandarkar said no: ‘The wedding was really lavish. He was acting just like how a father whose daughter is getting married would act — he was happy and over the moon. Everything seemed perfect.’

The studios were also used to make sets for hit Indian TV shows such as Jodhaa Akbar and reality series Bigg Boss.

Desai worked with famous filmmakers like Ashutosh Gowarikar, Vidhu Vinod Chopra and Rajkumar Hirani. And created numerous successful films such as 1942: A Love Story, Devdas in 2002 and Once Upon a Time in Mumbai in 2010. 

He notably helped create the sets for the Oscar-winning blockbuster Slumdog Millionaire in 2008. 

Touching tributes have flooded in for the director, who police initially suspect died by suicide, according to the Indian Express.

Indian-Canadian actor Akshay Kumar wrote: ‘Unbelievably sad to know about the demise of Nitin Desai. 

‘He was a stalwart in production design and such a big part of our cinema fraternity. 

‘He worked on so many of my films… this is a huge loss. Out of respect, we are not releasing the OMG 2 trailer today.’

Desai’s close friend Vinod Tawde said: ‘I used to often speak with him. It’s very sad to hear about his death. I spoke to him the day before,’ he told the Hindustan Times. 

Director Ashutosh Gowariker, who worked with Desei, said he was ‘stunned’ and shocked’.

Film-maker Ketan Mehta also felt shocked by Desei’s untimely death. He said: ‘I have heard about his demise and I am shocked. We worked together on quite a few films Aar Ya Paar, Oh Darling! Yeh Hai India, Mangal Pandey… it has been a long association and an incredible talent. I am still shocked.’

The police statement read today: ‘We have found the body of art director Nitin Desai in his studio in Karjat. Police were informed about this by a worker on set. When the police team reached the studio we saw his body. We are investigating the case further for ascertaining all aspects in this case.’

One of the UK’s biggest investment firms is under fire for failing to protect thousands of savers who bought bonds issued by struggling Bollywood film group, Eros Media World.

M&G, which manages more than £340 billion of investors’ cash, has been accused of failing to defend the interests of bondholders.

Now a formal complaint against the firm has been lodged with Britain’s main financial regulator, the Financial Conduct Authority.

Eros, controlled by the ultra-wealthy Lulla family in India, launched a £50 million bond in London in 2014. It was supposed to be repaid in April, but in March the Lullas said they wanted to repurchase up to half their bonds at a price of 60p in the pound and delay repayment of the rest until 2026.

The deal came with a raft of controversial conditions, but investors jumped at it nonetheless, frustrated by Eros missing interest payments for months on end and troubled by the group’s failure to file accounts since 2021.

M&G was appointed as trustee within weeks of the new bond proposal. It was tasked with coordinating and representing bondholders should the need arise.

Since then, Eros has repeatedly let investors down. Three months since it first proposed a restructuring of its bond issue, the group has still not said how many bonds will be repurchased and when investors will receive their cash – information that was supposed to have been unveiled in April.

Hard-pressed bondholders who accepted the offer are paralysed, unable to sell their bonds and being forced to play a waiting game, with many suffering financial distress as a result.

Last week, action against Eros intensified when the Indian market regulator – the Securities and Exchange Board of India – said it had found evidence of accounting irregularities at the group.

Just days earlier, Eros announced in London that it had agreed to sell a key subsidiary, Eros Now, to a private technology firm controlled by the Lulla family. Eros says it took pains to negotiate the best possible terms, but the company has not said how much it will receive from the deal or why it chose to sell to another Lulla family entity.

Furious investors say the deal contravenes the terms of the original bond issue and that M&G needs to act. Financial consultancy 365IM has filed a formal complaint to the FCA, accusing M&G of failing ‘to discharge its duty as trustee and to act in the best interests of the bondholders’.

But M&G hit back at these allegations, saying: ‘We are carrying out our role in line with the bond documentation and liaising with both the company and bondholders.’ The FCA has refused to comment, but is understood to be keeping a close eye on events. Market watchers say that if Eros has breached the terms of its prospectus this should be a matter for the courts.

However, 20 per cent of bondholders would have to agree to this before M&G could act on their behalf. It is understood that Eros has not yet paid M&G. Eros has not responded to any of the allegations.

The 365IM consultancy is seeking support from bondholders to accelerate action. Bondholders wishing to join the 365 action group should contact the firm via Alex Dunkley at alex.dunkley@365im.co.uk