The auction of the 15 rare paintings of Nirav Modi will commence from Thursday, as scheduled by the Enforcement Directorate (ED). This comes after the Bombay High Court on Wednesday refused to stay the proceedings of the auction as sought by Modi’s son Rohin, who claimed the be the rightful beneficiary of these paintings and other valuables, which are set to be auctioned.
A bench of Acting Chief Justice Bhushan Dharmadhikari and NR Borkar though did not stay the auction, however, ordered the ED to deposit the auction proceeds in a bank account. The bench also ordered the anti-money laundering agency not to use the monies received via the auction, till further orders.
The bench was approached by Rohin claiming he was one of the beneficiaries of these valuables as the same were owned by Rohin Trust. Apart from Rohin, his father Nirav and mother Ami are also the beneficiaries of these valuables, which also involve a Rolls Royce. The paintings also include two pieces by artists MF Hussain and Amrita Shergil.
According to Rohin, he approached the court just before beginning of the scheduled auction because he was not informed of the process as the ED never served a notice to him or the trust. He claimed he was a minor when the ED attached paintings and valuables and so could not question the process.
Additional Solicitor General (ASG) Anil Singh vehemently opposed the contentions of Rohin. He argued the ED has followed the due procedure to attach and then sell these paintings as provided under the Prevention of Money Laundering Act (PMLA).
Singh apprised the bench of the fact the ED had publicised its process in the media so as to ensure that no one objects the auction. “Moreover, the cost of preserving these paintings is high and thus the auction is required,” the ASG submitted. Having heard the contentions, the bench headed by ACJ Dharmadhikari noted Rohin failed to place on record any material to justify the delay on his part to move the HC. Accordingly, it refused to stay the auction proceedings.
