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The matter, linked to a loan dispute of Rs 236 crore, involves industrialist Guru Swarup of Srivastava’s Swarup Group of Industries and dates back to 2007.
MF Husain is popularly called the ‘Picasso of India’
Twenty-five rare paintings of late Indian modernist painter MF Husain are set to be auctioned on June 12 after a nod from the Bombay High Court. The auction will be held at Hamilton House in south Mumbai.
The auction, titled “MF Husain: An Artist’s Vision of the XX Century,” will feature 25 paintings from his renowned series Our Planet Called Earth (OPCE).
These paintings were secured by the National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) as part of proceeds from a loan default case.
The matter, linked to a loan dispute of Rs 236 crore, involves industrialist Guru Swarup of Srivastava’s Swarup Group of Industries and dates back to 2007.
Justice RI Chagla’s single bench allowed the Sheriff of Mumbai to auction the 25 paintings on February 14.
Srivastava came to the limelight in 2007 for commissioning 100 paintings by MF Husain at Rs 1 crore each.
In May 2024, art specialist Dadiba Pundole submitted a valuation report to the High Court, estimating the value of the paintings at Rs 25 crore.
Later, the Sheriff of Mumbai issued an auction notice for the paintings through Pundole art gallery in February following the order by Bombay High Court.
After the auction ends, the Sheriff of Mumbai is required to submit a report to the High Court by July 3 to receive final instructions regarding the transfer of the artworks.
Notably, the CBI began probing the Swarup Group and Srivastava in 2006 over allegations of misappropriating Rs 150 crore out of Rs 236 crore in loans taken from NAFED. In December 2008, a tribunal granted NAFED permission to recover assets valued at Rs 100 crore, which also included the MF Husain paintings.
(With inputs from agency)
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