Twenty-five paintings by M.F. Husain are languishing in a locker of IndusInd Bank’s Lokhand-wala branch in Mumbai.
These paintings, which Husain created for Mumbai-based industrialist Guru Swarup Srivastava, were deposited as security for the National Agricultural Mark-eting Federation of India (Nafed) when the latter provided a loan to the Srivasta-va Group of Industries (SGI).
“All 25 paintings are in our safe custody,” IndusInd Bank MD and CEO Romesh Sobti told Financial Chronicle. As per the `100 crore deal, Husain had agreed to create 100 paintings on the theme “Our Planet Called Earth”. “But the deal soured after the first batch of 25 paintings,” said a banker formerly with IndusInd Bank. Despite several attempts, Mr Srivastava could not be contacted for comment.
The paintings remain in the bank locker as a court case between Nafed and Mr Srivastava over default in n Turn to Page 4
repayment dragged on. Jagmohan Bhanot, additional managing director, Nafed, told FC that all these paintings continue to be in the custody of the bank in Mumbai. It is alleged that Mr Srivastava borrowed `236 crore from Nafed for iron export but diverted the money to buy select paintings from Husain. But since Nafed is an agriculture-related finance company and the finance was diverted, the financier took joint ownership of the painting.
“The paintings, most of which are 6ft x 4ft and created in various mediums, such as oil, colour and charcoal, are mind-blowing,” said the banker, who had a quick peek at the paintings when the high court-appointed experts valued them.
Swaroop and Husain had applied to the then Maharashtra chief minister, Mr Vilasrao Deshmukh, for permission to build a museum and art gallery in the high-profile Kamala Nehru Park in Mumbai.