Mumbai, October 21, 2026: The Bombay High Court on Wednesday ruled that five paintings seized by the police from a collection of 44 artworks belong to the liquidation estate of Mafatlal Dyes and Chemicals Ltd, rejecting a claim of ownership by Sheetal Mafatlal.
Justice Somasekhar Sundaresan held that Sheetal Mafatlal had repeatedly failed to establish her title to the paintings despite being given several opportunities over the past decade.
Dispute Over Ownership Of Paintings
The dispute arose after the company was ordered to be wound up on July 19, 2010, due to its inability to pay its debts. On January 18, 2014, the Crime Branch seized 44 artworks amid criminal proceedings and complaints among members of the promoter Yogindra Mafatlal family.
Sheetal Mafatlal claimed that the paintings belonged to her, relying on family consent terms executed in 2012. However, the Official Liquidator maintained that the artworks formed part of the company’s assets and should be available for distribution to its creditors.
The court noted that Sheetal Mafatlal had failed to file an affidavit establishing her ownership despite being granted several opportunities. “She has failed to demonstrate any title to the Identified Paintings,” the judge observed.
Five Paintings Identified As Company Assets
After examining the company’s fixed-asset inventory, purchase vouchers and police recovery reports, the court identified five paintings as belonging to the liquidation estate. The artworks include works by M.F. Husain, Biren De, F.N. Souza and Jogen Chowdhury.
The court also rejected challenges to its jurisdiction and the evidentiary material relied upon to establish the company’s ownership. It noted that closure reports concerning criminal complaints filed by Sheetal Mafatlal had attained finality, including before the Supreme Court.
Art Expert Appointed For Auction
To facilitate the recovery of value for the company’s creditors, the court disposed of Official Liquidator Reports 457 of 2014, 380 of 2016 and 93 of 2026.
It also appointed art expert Sonal Singh Naharwar to oversee the auction of the five paintings, recognising the need for a specialised process to secure their appropriate value rather than treating them as ordinary industrial assets.
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The ownership of the remaining 39 paintings, however, remains undecided. The court has directed the claimants to contribute towards their preservation while the claims are resolved.
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