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Nirav Modi’s company moves against painting auction to Bombay High Court

Nirav Modi’s company Camelot Enterprises has filed a petion against the auction of paintings which will be held by Saffron art.com.

According to the advocates for the company, not all paintings belong to Nirav Modi that are being sought to be auctioned by Income tax department for the recovery of dues.

Only some of the paintings belong to the company, said the lawyer from India Law Alliance for Nirav Modi firm Camelot Enterprises. “The Saffronart online art catalogue lists 68 artwork due for auction, overlooking that only 19 work from the 68 artworks belong to the company,” is said to be in the petition filed by the company. The petition however is likely to be heard by the High court only on wednesday.

The special Prevention of Money Laundering (PMLA) Court had last week allowed the Income Tax department to sell these paintings to recover their dues. The proceeds of this auction were to be deposited as fixed deposits in State Bank of India, with a copy of the receipt is to be submitted to the court. The online auction is said to be spread over three days starting March 26.

Apart from IT department, the investigating agency Enforcement Directorate too will be auctioning 11 cars and many more paintings seized by them to recover the dues from the tainted diamantaire.

In the paintings that are going under the hammer, there are celebrated Indian painters including Raja Ravi Verma, FN Souza, Jogen Chowdhury, VS Gaitonde and Akbar Padamsee to recover dues. The price of these paintings range from a few thousands to some crores. For eg Akbar Padamsee’s painting, Grey Nude, is likely to fetch between 1.5 crore to 2 crores for the department while Raja Ravi Verma painting of 1881 is expected to get the department anywhere between 12-18 crores. While the reserve price of an exquisit oil on canvas by artist V S Gaitonde has not been declared. In total, the department is expected to recover over 50 crores from the auction.

Nirav Modi is an accused in the Rs 13,000 crore PNB scam which was detected last year.

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Source: indiatoday.in

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