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By:

Bharati Dubey

17 May 2026 at 1:38:10 am

Raja Shivaji sparks a new era for Marathi cinema

Mumbai: As Raja Shivaji marches steadily towards the Rs 100 crore mark, the film has reignited debate around the future of the Marathi film industry. Having already crossed Rs 80 crore at the Indian box office, the historical drama is now only the second Marathi film after Sairat to achieve the milestone. Its success has raised a larger question within the trade: can a major blockbuster finally attract sustained investment into Marathi cinema, an industry often marked by cycles of growth and...

Raja Shivaji sparks a new era for Marathi cinema

Mumbai: As Raja Shivaji marches steadily towards the Rs 100 crore mark, the film has reignited debate around the future of the Marathi film industry. Having already crossed Rs 80 crore at the Indian box office, the historical drama is now only the second Marathi film after Sairat to achieve the milestone. Its success has raised a larger question within the trade: can a major blockbuster finally attract sustained investment into Marathi cinema, an industry often marked by cycles of growth and slowdown? Much of the buzz surrounding the film stems from the support it received from prominent Hindi film stars, several of whom reportedly came on board to back the project and the industry. Trade analyst Girish Wankhede believes the film’s biggest achievement lies in the scale of collaboration it represents. “The real strength of Raja Shivaji lies in its creative ensemble star cast, which Riteish Deshmukh successfully brought together. By roping in heavyweight Hindi stars like Abhishek Bachchan, Sanjay Dutt, and Salman Khan, the film showcases the immense combined value of cross-industry collaboration. This strong gesture of Hindi cinema’s biggest names extending full support to a Marathi project has created a powerful impression, generating tremendous curiosity and respect for Marathi cinema among audiences, investors, and other industries. It underscores how Marathi films can now command pan-Indian attention and star power,” he says. At the same time, Wankhede feels it may still be premature to call the film a runaway commercial success given its production scale and costs. “What is heartening is the visible new energy and creative fuel that Riteish Deshmukh has infused into Marathi cinema. With him at the helm of affairs, the film looks strong and polished, and this momentum, further amplified by the star support, is already drawing serious attention from investors who were earlier hesitant about the regional space,” he adds. Producer Suniel Wadhwa, Co-Founder and Director of Karmic Films, says the film’s performance could play an important role in rebuilding investor confidence in theatrical cinema. “The success of Raja Shivaji could significantly improve investor confidence in theatrical cinema, especially at a time when many non-film investors have become cautious about the sector. If the film succeeds as a large-scale theatrical event rather than just an opening weekend phenomenon, it will reinforce the belief that culturally rooted Indian stories still possess massive commercial potential across regions and demographics,” he says. However, Wadhwa points out that the industry continues to face deep structural challenges. “One of the biggest is the shortage of true theatrical stars who can create urgency for audiences to step into cinemas. Streaming has created visibility, but not necessarily ticket-selling mythology. At the same time, India remains heavily under-screened, and even strong films often struggle with inadequate show slots, limited showcasing windows, and overcrowded release calendars. Many films today are judged within the first 48–72 hours, leaving little room for organic word-of-mouth growth,” he says. According to him, the theatrical business is evolving rather than disappearing. “Audiences are now reserving cinema outings for event-driven experiences — spectacle, emotion, mythology, action, horror-comedy, and culturally resonant storytelling. Films that can create that collective viewing urgency will continue to attract both audiences and serious investment capital,” he adds. The Marathi film industry has witnessed a mixed year so far. More than two dozen films have released, but only a handful — including Raja Shivaji, Kranti Vidyalay Marathi Madhyam, Aga Aga Sunbai Mahnatay Sasubai, and Super Duper — have performed strongly at the box office. Veteran journalist Dilip Thakur believes Marathi cinema has already begun regaining momentum after the slowdown caused by the pandemic. “New Marathi films are getting launched regularly. The upcoming film Bapya had its screening at Sunny Super Sound, which was attended by non-Marathi journalists in big numbers. The story of Bapya is complex and difficult to make. The point here is that a producer agreed to put his money into the film. Sabar Bonda was another difficult subject which won an award at Sundance. So, producers willing to invest money in such subjects is one positive sign,” he says. Thakur also points to the continued appetite for mainstream Marathi entertainers. “The boom after Sairat still exists in Marathi cinema. There was a setback for four years because of Covid, but the industry has gained momentum. Ravi Jadhav’s new film Fulawara, based on tamasha folk art, will soon go on floors in Pune,” he says. He further notes that Marathi cinema is increasingly attracting investors from outside the industry. “Most Marathi films have non-Marathi investors. They are putting in money because there is business in Marathi cinema. But not every film becomes a hit. Subhash Ghai also produced a few Marathi films. If the subject is good, people are willing to invest,” he adds. Not everyone, however, is convinced that one major hit can alter the industry’s fortunes overnight. Nitin Datar, president of the Cinema Owners Association, remains cautious about reading too much into the film’s success. “Only one film success is not going to bring investors. In the last five years, out of nearly 500 films produced, the success rate has not been encouraging,” he says. Datar acknowledges that the presence of Hindi stars has helped boost the film’s commercial appeal but stresses that Marathi cinema still lacks enough bankable stars capable of consistently drawing audiences to theatres. “The production houses and directors have attracted audiences. Unfortunately, producers haven’t been successful in attracting financial assistance, which has resulted in low production and advertising budgets. But if films succeed in pulling audiences over the weekend, exhibitors automatically increase shows and reduce screenings of underperforming films from other languages. The audience is always there, waiting to visit theatres in large numbers for a good film,” he says. For now, Raja Shivaji has undeniably given Marathi cinema a strong moment in the spotlight. Whether that momentum translates into long-term financial confidence and sustained industry growth remains the larger question.

India waits to lasso diamantaire Mehul Choksi

Mumbai: India rubbed its hands gleefully as the Belgium Police honoured its request to arrest the absconder diamantaire Mehul Chinubhai Choksi – more than seven years after he, along with his nephew Nirav Deepak Modi - allegedly duped the Punjab National Bank of nearly Rs. 13,800-crores.

 

The scam involving the ‘Mehul Mama-Nirav Bhanja’ erupted in Jan 2018, after the PNB lodged a complaint with the Central Bureau of Investigation (CBI).

 

By then the kin, along with many of their family members, winked and slipped out of the country, leaving a rattled India rubbing its palms in disappointment.

 

A political-cum-financial storm raged, embarrassing the Bharatiya Janata Party government of Prime Minister Narendra Modi a year before the Lok Sabha elections.

 

Multiple agencies launched a multi-pronged probe into what became the biggest banking scam in the past quarter century – and almost four times bigger than the stock market-cum-banking fraud the late Big Bull Harshad Mehta had inflicted on the Indian economy 33 years ago (in April 1992) – when it was just opening up.

 

In Belgium

According to official reports, Choksi was living with his Belgium citizen-wife Preeti in Antwerp, a global diamond hub, presumably for the past 18 months on a ‘residency permit’ acquired through questionable means, for medical reasons.

 

Earlier, he shot to the headers (June 2021) while being taken in a wheelchair to a court by the Dominican Republic's Police on charges of sneaking into the small country in the Caribbean Sea, North America.

 

Interestingly, as the Antigua & Barbuda government initiated the process to cancel his citizenship acquired through an investor visa, Choksi had suddenly gone ‘missing’ till he surfaced in the Dominican Republic.

 

The April 2025 action by Belgium followed a request by India’s CBI and the financial frauds specialist Enforcement Directorate (ED) to nab Choksi as the InterPol had revoked his Red Corner Notice in 2023.

 

Mama and Bhanja

‘Mama’ Choksi is the founder-owner of Gitanjali Group while ‘bhanja’ Nirav’s Firestar plus other companies – and the duo, with some PNB officials hand-in-glove – conspired to make a ‘mamu’ of not only PNB, but other banks, as it subsequently tumbled out.

 

After making a quiet exit, Choksi was detected living in the verdant Antigua & Barbuda Isles (West Indies), then attempted entry to the Dominican Republic, was sent back to Antigua & Barbuda and then went to Belgium where he was nabbed on Sunday.

 

Similarly, Modi was found sauntering on the streets of London and nabbed in March 2019. He remains in jail there since India's extradition is still pending.

 

However, India is keeping its fingers crossed that it may finally lay hands on Choksi, bring him to India and face trial in the PNB scam, though it may take time.

 

Born in Mumbai (1959) and educated in Gujarat, Choksi, 66, and wife Preeti have three children.

 

The Rs. 13,800-crore PNB scam

In the modus operandi revealed after India’s second-largest PSU bank PNB admitted it was scammed, Choksi and Modi used fraudulent Letters of Undertaking (LoU) to get overseas credits or loans from Indian banks.

 

The PNB first informed the Reserve Bank of India (RBI) of the fraud and then lodged a criminal complaint with the CBI in Jan. 2018, plus another CBI complaint in Feb, that led to a FIR against Modi and Choksi and their companies.

 

The ED entered the scene to probe the allegations of money-laundering through the LoUs – which they allegedly misused to avail short-term business finances from foreign branches of Indian banks.

 

The probe said that the duo were availing the LoUs from the PNB’s Brady House Branch from March 2011, and over the next six-seven years, managed to get a whopping 1,200-plus LoUs like a breeze with the help of some friendly bankers within.

 

Post-scam, the gold-diamond companies Gitanjali Group and Firestone Group with multiple operations in India and abroad have largely wound up, while some personal assets of the mama-bhanja have been auctioned to recover a part of the dues.

 

ED's plea to declare Choksi fugitive stuck for seven years

Even as absconding diamantaire Mehul Choksi, a key accused in the Punjab National Bank loan fraud case, has been arrested in Belgium, the ED's plea to declare him a fugitive economic offender has been pending before a court in Mumbai for nearly seven years.


Choksi, 65, and his nephew diamantaire Nirav Modi are the prime accused in the Rs 13,000 crore PNB bank loan fraud case. Choksi was arrested in Belgium following an extradition request by Indian probe agencies, official sources said on Monday.


The Enforcement Directorate had filed the application in July 2018, seeking to declare Choksi an FEO and confiscate his assets under provisions of the Fugitive Economic Offenders Act.


However, the matter has witnessed repeated delays owing to a barrage of applications filed by the accused in the PMLA court and the Bombay High Court alleging procedural lapses in the Enforcement Directorate's plea.


"The court is kept busy with frivolous applications, and hearing on our application to declare him (Choksi) an FEO has been adjourned for the past seven years,” an ED officer had said after the hearing was once again deferred this February.


"The court should have continued the hearing and taken a decision on the future course of action once the application was moved," the officer had said.

He had urged the court to take note of the repeated filing of similar applications and to not entertain them.


Choksi's lawyer had informed the court that the accused was undergoing treatment for suspected cancer in Belgium and intended to file an application in connection with his health.


Under the FEO Act, an individual can be declared a Fugitive Economic Offender if a warrant has been issued against him for an offence involving Rs 100 crore or more and he has left India while refusing to return. Once declared an FEO, the person's property can be confiscated by the investigating agency.


Choksi had challenged the ED's application in the Bombay High Court, alleging that the agency "had not followed proper procedure before filing the application and, hence, it stands vitiated".


However, in September 2023, the High Court dismissed his plea, ruling that the ED had adhered to the prescribed format under the FEO Act. It also vacated a stay on the special court's proceedings.


Despite this, the hearing on declaring Choksi FEO could not commence, with Choksi continuing to file applications before the special court through his lawyers.


While most of these pleas have been dismissed, a few remain pending. His latest attempt to stall proceedings through a plea to recall the notice issued on the ED's FEO application was rejected in December 2023.


According to ED officials, Choksi left India under suspicious circumstances in early January 2018.


Shifting stance

Choksi's counsel has argued that the ED kept shifting its stance on the material grounds for declaring him an FEO and that the suspension of his Indian passport made it impossible for him to return for investigation.

The court, however, rejected this argument, stating that the notice was issued based on accurate information and not based on "wrong facts or mistaken assumptions".


ED claimed the accused left the country under suspicious circumstances in the first week of January 2018.


Nirav Modi has already been declared as an FEO by the special court. He has been lodged in jail in London since 2019.

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