The IT department has roped in known art house Saffronart to conduct the auction as an independent third-party auctuioneer
Nirav Modi
Despite last-minute attempts by Nirav Modi's lawyers, the Income Tax department on Monday said it would go ahead with its marquee auction of 68 of the fugitive's choicest paintings.
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"[Nirav Modi's lawyers] filed a writ petition against the auction but the Bombay High Court did not grant a stay and listed it for a further date," Income Tax spokesperson Surabhi Ahluvalia told mid-day. "We have also been advised by our senior standing counsel that there is no judicial impediment in moving ahead with the auction, so we will go ahead with our plan on Tuesday. The auctioning will take place not for three days but for only one day. All the 68 paintings will be auctioned."
The I-T department has roped in known art house Saffronart to conduct the auction as an independent third-party auctuioneer. Dinesh Vazirani, co-founder and chief executive officer, Saffronart, too confirmed that the auction will go ahead. "We understand there has been a recent court order based on an application filed by the Income Tax Department, that does not restrict the auction from being conducted," Vazirani told mid-day.
The 68 paintings are valued at Rs 57.72 crore. They are part of 173 works the I-T department seized as part of its probe to recover dues of Rs 95.91 crore from Modi, the prime accused behind the R13,000-crore PNB scam, and who is now cooling his heels in England's most crowded jail at Wandsworth.
The catalogue lists paintings by the likes of Jogen Chowdhury, Raja Ravi Varma, VS Gaitonde, FN Souza, Akbar Padamsee and Bhupen Khakhar, besides some contemporary Chinese paintings according to various reports. The next hearing in Modi's case will be at the Westminster Magistrates Court of Chief Magistrate Emma Arbuthnot, who ordered Vijay Mallya's extradition in December.
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