IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION

CHAMBER SUMMONS (L) NO.1 OF 2019

WITH

CHAMBER SUMMONS (L) NO.902 OF 2019

IN

EXECUTION APPLICATION NO.581 OF 2010

National Agricultural Co-operative

Marketing Federation of India Ltd. (NAFED)    ….     Claimant

                    Versus

Swarup Group of Industries & Ors.                     ….    Respondents

 PARTICULARS AND THE CONDITIONS OF SALE

Relating to the movable Property  (i.e. paintings ) described in the Schedule hereunder written to be put up for sale by public auction on 12 June, 2025 at 6:30 pm onwards (Indian Standard Time) onwards at “Pundole’s”, Hamilton House, 8, J. N. Heredia Marg, Ballard Estate, Mumbai- 400 001 pursuant to the directions contained in the Warrant of Sale of movable property dated the 5 May, 2017 issued by the Hon’ble High Court, Bombay in the above Execution Application. Pursuant to the Order dated 18 March, 2025 passed by His Lordship Shri Justice R. I. Chagla of the Hon’ble High Court, Bombay, these paintings are put for auction.

S C H E D U L E

     ( DESCRIPTION OF THE  PROPERTY UNDER SALE )

• * Please note that 3 paintings have been combined as they were originally planned as one painting by the artist.   

          As per the Order dated 18 March, 2025  passed by the Hon’ble Court, the reserve price of the each painting is fixed.

It has been directed that the proposed bidders to get the inspection of the said paintings on the date/s specified for that purpose and submit their bid to purchase the said paintings on ‘as is where is basis and what is basis’. In the said Order dated 18 March, 2025, it has been also directed that no grievance about the conditions of the paintings will be entertained after the auction since the sale of the units is on “as is where is basis and what is basis”.

1)                 The abovenamed movable property i.e. paintings as mentioned hereinabove  will be sold on “as is where is basis and what is basis” separately by Public Auction on 12 June, 2025 at 6:30 pm onwards (Indian Standard Time) onwards at “Pundole’s”, Hamilton House, 8, J. N. Heredia Marg, Ballard Estate, Mumbai- 400 001, i.e. the appointed auctioneer, by the Hon’ble Court as per order dated 17 February, 2025.  

2)                 The intending bidders should submit their offer/s, for purchasing paintings by remaining present personally or through their authorised representative or through online, absentee or telephone bidding on the date and time of the auction at the place mentioned hereinabove.  The offerer/bidder shall submit the EMD by a Demand Draft / Pay Order of Rs.5,00,000/- (Rupees Five Lakhs only) drawn in favour of Sheriff of Mumbai, payable at Mumbai or equivalent USD amount by SWIFT transfer on or before 11 June, 2025 upto 5:00 pm IST. The details of the USD Account of the Office of the Sheriff, Mumbai is given below. The intending bidders should submit a copy of self-attested PAN / Aadhar card on the date of submission of EMD with the office of the Sheriff, Mumbai, failing which he shall not be allowed to participate in the auction. If the intending bidder is nominating any person to bid on his/her behalf, such person should possess proper Letter of Authority with his/her photo identity proof from the intending bidder, failing which the intending bidder shall not be allowed to bid through other person.

3)                 An offer which is conditional or an offer which is not accompanied by Demand Draft / Pay Order payable at Mumbai for Rs.5,00,000/- (Rupees Five Lakhs only) or SWIFT transfer advice equivalent USD amount will not be considered or entertained.

4)                 The movable property i.e paintings intended to be sold will be kept open for inspection/preview for the intending bidders from 8 June, 2025 to 11 June, 2025 between 11:00 am  and 6:00 pm.

5)                 The sale of the said properties (Paintings) are subject to reserve prices fixed by the Hon’ble High Court, Bombay. Offer shall be considered in Indian Currency only.

6)                 The said movable property will be sold on “As  is  where  is basis and what is basis” separately  and  the  bidders  shall  ascertain  the  condition  of  the  said paintings  by  taking  inspection/preview  before  submitting their bids. The bidder whose bid shall be approved by the Auctioneer after confirmation by the Officer of the Hon’ble High Court, Bombay or by the Deputy Sheriff, Mumbai, shall not make any complaint nor be permitted to withdraw his/her/their bid after it has been confirmed as aforesaid either on the ground of discrepancy in paintings or any other grounds whatsoever and the earnest money shall stand forfeited.

7)                 All bidders shall prior to the auction, satisfy themselves about the conditions of the said paintings. No enquiries in this regard will be entertained at the time of auction. Once the offer of the intending bidder is accepted by the Auctioneer after confirmation by the Officer of the High Court, Bombay appointed for the said purpose or by the Deputy Sheriff, Mumbai, he/they shall be deemed to have accepted and shall be deemed to have waived all objections to the title, description, condition etc. of the said paintings. 

8)                 After, the intending purchasers, who may be present there personally or through online or telephone bidding, will be permitted to increase the offer/s made by him/her/them. The Auctioneer may accept / reject the highest or any other offer (the “Purchase Price”). The offer which is accepted by the Auctioneer after confirmation by the Officer of the High Court, Bombay appointed for the said purpose or by the Deputy Sheriff, Mumbai will be announced. Upon the Auctioneer after confirmation by the Officer of the High Court, Bombay appointed for the said purpose or by the Deputy Sheriff, Mumbai announcing the paddle number of the person, whose offer has been accepted, such person shall sign and give an undertaking that he/she/they has/have agreed to purchase the said painting in the auction on the term and conditions set out herein.

9)                 The intending bidder, whose offer is so accepted, shall thereupon pay with the Sheriff of Mumbai, entire amount of his/her/their offer (excluding the amount of E.M.D.)  on or before 27 June, 2025 upto 5.00 p.m. IST by way of Demand Draft or Pay Order payable in Mumbai in favour of Sheriff of Mumbai for domestic bidders and by way of SWIFT transfer for international bidders.

10)               In the event of the intending purchaser, whose offer is accepted in the auction process as aforesaid, failing to deposit the said amount, the acceptance of his/her/their offer shall automatically stand withdrawn and in that event, the sum of Rs.5,00,000/- (Rupees Five Lakhs only) or equivalent USD amount paid, shall stand forfeited. 

11)     The Earnest Money Deposit will be returned to such bidder(s) / purchaser(s) without interest in the event of his/her/their offer not being accepted by the Hon’ble High Court, Bombay on any reason.

12)               If the sale of the said paintings is not confirmed or set aside by the Hon’ble High Court, Bombay, the intending purchaser shall be entitled to receive back any amount paid by him/her/them towards the purchase price without interest. However, he/she/they shall not be entitled to any compensation or damages or interest thereof. The date of placing the Sheriff’s Report before the Hon’ble Chamber Judge, High Court Bombay, for confirmation of sale of these paintings is 3 July, 2025.

13)               The Sheriff of Mumbai does not warrant the accuracy of the description of the said paintings described in the Schedule herein above.

14)               The offerer (s) or bidder (s) whose offer or bid is accepted by the appointed office of Hon’ble High Court, Bombay (hereinafter referred to as “the purchaser”)  shall pay the purchase price in accordance with the terms of Clause No.9 hereinabove otherwise the said property shall be again put up for sale and re-sold and the Earnest Money Deposit of Rs. 5,00,000/- (Rupees Five Lakhs only) or equivalent USD amount shall be forfeited and the defaulting purchaser shall be liable for any deficiency upon such resale together with all costs, charges and expenses attending the resale, but shall not be entitled to the benefit of any increase in the purchase money on such-resale. The purchaser shall also subscribe his/hers/their address in the said Undertaking and all communications shall be deemed to be duly delivered to and served upon the purchaser (s) on being mailed to him/her/them or left for him/them at such address, unless such Purchaser (s) is/are to the knowledge of the Sheriff of Mumbai represented by an Advocate or Advocates in which case service on such Advocate or Advocates shall be deemed to be sufficient.

15)               Upon payment of the full purchase money in the manner aforesaid and after submitting the copy of receipt and the Purchaser (s) shall take immediate steps to take possession of the said paintings purchased by him/them. The Purchaser (s) shall at his/her/their expense take such steps as may be necessary for the purpose of obtaining possession thereof and the Sheriff of Mumbai shall not be responsible in that behalf.

16)               The suit paintings as described in the schedule shall remain at the sole risk of the Purchaser(s) in all respect including loss or damage by fire or theft or other accident and all other risks from the date of sanction/confirmation of the sale by the Hon’ble High Court, Bombay. The Purchaser shall not be entitled to annul the sale on any grounds whatsoever.

17)               The intending Purchaser (s) shall satisfy himself/herself/themselves as to the marketability of title of the said paintings. If any error, mis-statement or omission shall appear to have been made in the description of the property in the particulars of sale, the bidder(s) by giving his/her/their bid shall be deemed to have waived all such objections and such errors, mis-statements and omissions shall not annul the sale nor entitle the bidder(s) to be discharged from his/her/their purchase nor to be entitled to claim any compensations in respect thereof.

18)               All costs, charges and expenses of and incidental to and in relation to GST, stamp duty, registration fees, transfer fees if any payable will be borne and paid by the Purchaser. The transfer fees payable to any authority for transfer of the paintings in the name of the Purchaser shall be required to be paid by the Purchaser.  The Purchaser shall bear his/her/their own costs throughout and shall not ask the Sheriff of Mumbai or Claimant for the same or any part thereof.                  

19)                The Purchaser (s) will admit the above facts and will not raise any objection to the same on any ground arising out of the above paintings and proceedings.

20)               In addition to the above terms and conditions, the intending purchaser shall abide by all such terms and conditions of the sale of the said paintings as may be directed by the Court.      

21)               The said paintings are being sold at the instance of the Claimant in the above suit and pursuant to the Warrant of Sale of Movable Property dated 5 May, 2017 of the Hon’ble High Court, Bombay.

In USD equivalent to Indian Rs.5,00,000/-

By way of Swift Transfer in Sheriff of Mumbai’s

USD Account 

Bank : Canara Bank, Fort Main Branch, Fort,  Mumbai 400001, India

Canara Bank Nostro Bank A/c. with :  CITI BANK  NEWYORK

Canara Bank Correspondence Swift Code :  CITIUS33

Canara Bank NOSTRO Account Details :   36053796

Canara Bank Swift Code No.  : CNRBINBBBFD

Benef. Account details             : SHERIFF OF MUMBAI

Account Number                      : 0239121001002

                                                  *******

Deputy Sheriff of Mumbai

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PUNDOLE’S TERMS AND CONDITIONS OF SALE

The Terms and Conditions of Sale set out below explain the method by which the seller and buyer will complete the transaction of the buying of an artwork through Pundole’s, and the terms each is bound by.

TERMS OF SALE

All works sold are subject to

the provisions contained in the ‘How to Buy at Pundole’s’ section of this catalogue

the directions and orders passed by the Bombay High Court on 17 February 2025 and 18 March 2025 and the Sheriff’s Notice dated 17 April 2025.

In case of any conflict between the documents listed above, the provisions contained in the documents referred to in (ii) above shall prevail.

Pundole’s does not have a financial interest in any of the works offered for sale. Pundole’s only acts as an agent for the Sheriff of Mumbai, pursuant to the order dated 18 March 2025 passed by the Hon’ble High Court Bombay.

The works are being auctioned by the Sheriff of Mumbai on an ‘as is where is basis and what is basis’. The Sheriff will not entertain any claim in respect of these works.

The auction will have a catalogue uploaded on the Pundole’s website, www.pundoles.com, as well as a printed catalogue published prior to the sale. Please read the catalogue carefully for all details pertaining to the property offered.

All bidders are encouraged to examine the property offered for sale in person prior to the sale.

Information provided in the catalogue on matters relating to the condition report, authenticity, provenance, quality, or art historical relevance, whether stated in the catalogue or communicated verbally constitutes an opinion from Pundole’s.

Pundole’s does not guarantee the frames.

Pundole’s will provide details and information to the best of its abilities, and cannot be held liable for any information that is erroneously provided or not mentioned. Any statement by Pundole’s does not constitute a representation, warranty or assumption of liability by them of any kind.

Pundole’s only take responsibility for the information provided regarding the name of the artist or basic description of the property as stated in the opening line of each lot in capital letters. The information in the catalogue and condition report is meant to help prospective buyers, but is not exhaustive by any means, and all buyers are encouraged to supplement that information through their own experts or other research.

Condition Reports are available on request and will provide details and information to the best of Pundole’s abilities, and Pundole’s cannot be held liable for any information that is erroneously provided or not mentioned. These reports have not been done by trained conservators. We encourage you to get an additional professional assessment should you need. Condition reports will broadly state the physical and visible, damaged and restored areas of the artwork. If there is an area specifically mentioned, it does not exclude other similar areas, and if there is a problem not mentioned, it does not mean that they do not exist. Any statement by Pundole’s does not constitute a representation, warranty or assumption of liability by Pundole’s of any kind. Irrespective of Pundole’s condition report, the Sheriff’s mandate of ‘as is where is basis and what is basis’ will prevail.

Estimates are only provided as indicative values to give buyers a general range of the price we expect the work to sell for. It is not to be taken as a confirmed price expected for the work.

THE AUCTION

By bidding at a Pundole’s auction, the bidder enters into an irrevocable offer to buy the artwork that has been bid on. Should the bid be successful, the buyer agrees to pay the hammer price plus the buyer’s premium, all applicable taxes, plus any additional charges relating to shipping, storage, insurance, import-export permissions and bank transfer fees.

All registration formalities, as set out in the ‘How to Buy at Pundole’s’ section of this catalogue must be completed by all persons before 5 pm IST on 11 June 2025 for buyers to be qualified to participate in the auction on 12 June 2025. Please note that even if you have been previously registered with Pundole’s, you will be obliged to comply with the registration formalities specific to this auction.   

In the event that a party is bidding on a third person’s behalf, it is the party’s responsibility to ensure that all paperwork explaining the transaction and relationship has been completed prior to the sale as per Pundole’s registration requirements.

Paddles are given only to those who are eligible to bid. Authorised representatives may also bid on behalf of their principals. A letter of authority shall be produced by any person bidding on behalf of another person or entity with a valid photo ID.

Absentee bids will be carried out by the auctioneer or a member of Pundole’s on behalf of the client. This service is offered free of charge, and Pundole’s does not accept any liability in the unlikely event that the bid is not executed or executed incorrectly. In the event the auctioneer has two bids of identical values and no higher bids are taken in the saleroom, the bid received on the earlier date/time will be given preference. All absentee bids need a completed and signed form in order for them to be accepted.

Similarly, telephone bids can be arranged for eligible bidders unable to be in the saleroom. Telephone bidding will be arranged subject to availability of Pundole’s staff hence requests should be made as early as possible. This service is offered free of charge, and, Pundole’s does not accept any liability in the unlikely event that the telephone bid is not executed or executed incorrectly or the client has been unreachable due to faulty telephone connections. Telephone bids may be recorded.

Eligible bidders may also choose to bid online through Pundole’s website or mobile bidding application. All registration formalities must be completed before 5 pm IST on 11 June 2025, or bidders will not be granted bidding access. Pundole’s does not accept any liability for online and / or mobile bids that are not accepted or not executed correctly. In the event that there is a technical problem on the Pundole’s website or mobile application, the auction will continue. Any online or mobile bids received before the problem occurs will be executed. Pundole’s does not accept any liability for any technical problems incurred either on the website or on the mobile application during an auction. Pundole’s reserves the right to determine when online and mobile bids have been recorded.

Pundole’s is not liable for any delay or time lag incurred in-between the time a bid is placed and is received by Pundole’s, or, information regarding current bid amount is received by bidders due to slow mobile networks or heavy traffic over internet lines.

All works, unless specifically indicated otherwise, will be sold subject to a reserve price. The reserve price is the minimum price which has been set by the Hon’ble Bombay High Court and in no case will exceed the low estimate of a Property. All reserve prices are kept confidential. The auctioneer may open the bidding by placing a bid on behalf of the seller. The auctioneer may continue to bid up until the amount of the reserve price, either by placing consecutive bids or by placing bids in response to other bidders. In the event that neither an absentee bid nor bid in the room reaches the amount of the reserve price, the auctioneer will ‘pass’ the Property and it will remain unsold.

For all bids, the auctioneer’s, acting on behalf of the Sheriff, decision is final, and the auctioneer will have full discretion to choose, accept or reject bids. While bidding increments will usually increase by approximately 10%, the auctioneer has the discretion to break or change the increments. In the event of a dispute, the auctioneer reserves the right to re-offer the lot and determine the successful bidder for the lot.

The auctioneer, acting on behalf of the Sheriff, will determine the successful and highest bidder for each lot. The fall of the auctioneer’s gavel shall confirm the close of each lot, and the auctioneer will announce whether the lot has been sold or not. The successful sale of each lot and the announcing of the successful paddle number also marks a successful and irrevocable contract between the seller and buyer of the artwork. The buyer accepts full responsibility to pay for the lot, as determined by the final hammer price plus the buyer’s premium, all applicable taxes, plus any additional charges relating to shipping, storage, insurance, import-export permissions and bank transfer fees.

PAYMENT

All successful bidders will be obliged to make payment in full of the purchase price, minus the initial deposit of INR 5,00,000 or equivalent USD amount, directly to the Sheriff of Mumbai on or before 5.00 pm IST on 27 June 2025 by demand draft or pay order for domestic buyers and by wire transfer to the bank account as stated below for international buyers. Non-payment by the said time will lead to forfeiture of the deposit and a cancellation of the sale. Payment will only be accepted from the same party as indicated on the invoice.

Name of the bank : Canara Bank, Fort Main Branch, Fort, Mumbai 400001, India

Canara Bank Nostro Bank A/c. with: CITI BANK  NEW YORK

Canara Bank Correspondence Swift Code:  CITIUS33

Canara Bank NOSTRO Account Details:   36053796

Canara Bank Swift Code:                     CNRBINBBBFD

Beneficiary Account Name:                  SHERIFF OF MUMBAI

Account Number:                                  0239121001002

Domestic payments can be sent directly to

The Sheriff’s Office

Old Secretariat Building

City Civil Court

K.B. Patil Marg

Mumbai 400032

All buyers will be responsible for all duties and taxes payable as a result of the sale of the lot.

Pundole’s shall raise their invoice in respect of the Buyer’s Premium which is 15% of the Hammer Price plus applicable GST. Invoice will be sent by email to the email address indicated on the registration form by Pundole’s. Payment should be made to Pundole’s on or before 5.00 pm IST on 27 June 2025 by demand draft or pay order or bank transfer. Non-payment by the same time may lead to forfeiture. Payment will only be accepted from the same party as indicated on the invoice.

International buyers can pay through wire transfers. Invoices will be raised in Indian Rupees. GST will still be applicable on the buyer’s premium, even if the lot is exported out of the country.

Payments to Pundole’s can be by cheques or demand drafts to be made out to Pundole’s or by NEFT/ wire transfer to the bank account mentioned on the invoice.

Payments for Pundole’s invoices can be sent to:

Pundole’s
Hamilton House, Ground Floor

8 J.N. Heredia Marg

Ballard Estate

Mumbai 400001

PROCESS AFTER PAYMENT

Once the date for payment is over, i.e 5.00 pm IST on 27 June 2025, the Sheriff of Mumbai will file his report with the Bombay High Court and obtain final directions for handover of the works. This is scheduled to be done on 3 July 2025. Please do bear in mind that there may be a slight delay as these are matters in Court over which Pundole’s has no control. Once the Court gives directions, Pundole’s believes that the Sheriff of Mumbai will hand over possession of the works to successful bidders.

NON-PAYMENT

If the buyer fails to make payment on any purchases by 5.00 pm IST on 27 June 2025, the deposit is liable to be forfeited and the sale will be cancelled.

TRANSFER OF TITLE / COLLECTION OF WORKS

Risk and responsibility for the lot (including frame, glass and other breakable materials where relevant) and transfer of title passes to the buyer only after payment is received in full by the Sheriff of Mumbai. At no point is copyright transferred to the buyer.

Successful bidders wishing to have Pundole’s taking possession of the lots will have to duly authorise Pundole’s in this behalf.

REFUND OF DEPOSIT

All unsuccessful bidders will be entitled to receive a refund of the INR 5,00,000 or equivalent USD amount (Rupees five lakhs) paid as a deposit at the time of registration. This will be refunded directly to you by the Sherriff of Bombay within a period of two weeks from the date of the auction.

SHIPPING

Shipping instructions, whether domestic or international should be communicated to Pundole’s within 7 days of receipt of the invoices.

All purchases must be collected or shipped within 28 days of the auction and full payment of the invoices. If after full payment the buyer fails to collect the Property or arrange for shipping within 28 days of the auction, Pundole’s will move the Property to storage and charge the buyer storage and insurance charges that will have to be cleared prior to collection.

All packing, shipping, insurance and related expenses will be borne by the buyer.

Shipping can be arranged by Pundole’s for both domestic and international shipments. In all cases, a third party will be used to pack, handle and ship the goods to their final destination. The work will also be insured at the buyer’s expense while in transit. While we will use a reputed and experienced art shipper, any mishap related to shipping and packing is not Pundole’s responsibility, and does not constitute part of the original contract between the seller and the buyer.

If there is any loss or damage to the property of any nature whatsoever while the property is in the possession of Pundole’s or in transit the Buyer shall not hold Pundole’s responsible or liable for any such loss or damage and shall not claim any sum whatsoever from Pundole’s as costs, losses or damages. The Buyer agrees that it shall accept the proceeds of an insurance claim that maybe settled/sanctioned by Pundole’s insurance company by its policy in full and final settlement.

Any works exported from India will be done in compliance with the export and foreign exchange laws of the country. Similarly, when importing works into a country, it is the buyer’s responsibility to check on any import restrictions or applicable duties before confirming a shipping location. While Pundole’s will assist with both shipping and export, it is the buyer’s responsibility to be aware of all import and export regulations and obtain any necessary licenses or permissions.

Import/Export licenses may take considerable time to obtain. Payment to Pundole’s for the purchase of the artworks should not be held up because of any shipping related issues. No sale may be cancelled due to lack of information on export and import procedures.

Pundole’s has the right to have a lien on the purchases for which payment is due until all outstanding dues are paid. All works can only be collected or shipped only upon receipt of all dues.

LIMITED WARRANTY

Pundole’s make no warranties whatsoever, directly or indirectly with respect to any material in the catalogue with the exception of the name of the artist or a basic description of the property as stated in the opening line of each lot in capital letters.

PUNDOLE’S LIABILITY

Neither Pundole’s, nor any of its employees, offices or agents shall be responsible for or give any guarantee, representation or warranty of any kind or assume any liability for the accuracy or correctness of any statement of whatever kind concerning any Property, concerning authorship, date, medium, origin, authenticity, exhibition history, historical relevance, provenance, attribution, or any lack of information provided, or any omissions, faults or defects in any lot.

All disputes in relation to the works are only between the buyer and the Sheriff of Mumbai.

COPYRIGHT

All images, illustrations and written material printed in this catalogue are the sole property of Pundole’s and should not be used by anybody including the buyer without prior permission. Copyright and all other rights are not transferred to the buyer during the sale of an artwork. All trademarks, logos are a registered trademark of Pundole’s. Any rights not expressly granted herein are reserved.

WAIVER

No failure to exercise nor any delay in exercising any right, power, privilege or remedy under this Agreement shall in any way impair or affect the exercise thereof or operate as a waiver thereof in whole or in part. No single or partial exercise of any right, power, privilege or remedy under this Agreement shall prevent any further or other exercise thereof or the exercise of any other right, power, privilege or remedy.

SEVERABILITY

If any part of the Conditions of Sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent permitted by the law.

LAW AND JURISDICTION

In the event of any disputes and differences arising between the parties pertaining to this agreement the same shall be referred to the Bombay High Court. 

HOW TO BUY AT PUNDOLE’S

The Bombay High Court has ordered that 25 paintings by M.F. Husain be auctioned by the Sheriff of Mumbai through Pundole’s.

The Hon’ble Court has passed some directions as to the process and manner by which the auction will take place. This process is slightly different from what Pundole’s normally follow. Since these processes are pursuant to the orders of the Hon’ble Court, non-adherence may result in your being ineligible from participating in the auction. Please pay careful attention to this. In case you require any clarifications do contact Mallika Sagar at mallika@pundoles.com.

IMPORTANT TO NOTE

The works are being auctioned by Pundole’s on behalf of the Sheriff of Mumbai.

The works are being auctioned by the Sheriff of Mumbai on an ‘as is where is basis and what is basis’. Therefore, Pundole’s urges you to physically examine the works, and be satisfied with the condition as viewed. The Sheriff will not entertain any claim in respect of these works post the auction.

You will be required to:

• File a registration form, which can be obtained either in the Pundole’s catalogue or at the Sheriff’s office (Old Secretariat Building, K.B. Patil Marg, Mumbai 400032) or at Pundole’s.
• Make an advance refundable payment of INR 5,00,000 (Rupees five lakhs only) to the Sheriff of Mumbai in order to participate in the auction. (Payment details outlined below.)

All works are subject to a 15% Buyer’s Premium (plus 18% GST on the Buyer’s Premium amount) which will be added to the Hammer Price of each sold lot.

On completion of the auction, all successful bidders will be required to make full payment by 5.00 pm IST on 27 June 2025 of (i) the Hammer Price as undertaken to the Sheriff of Mumbai and (ii) the Buyer’s Premium as invoiced by Pundole’s.

The Sheriff of Mumbai will thereafter file his report with the Bombay High Court and obtain final directions for handover of the works. This is scheduled to be done on 3 July 2025. Please do bear in mind that there may be a slight delay as these are matters in Court over which Pundole’s has no control. Once the Court gives directions, Pundole’s believes that the Sheriff of Mumbai will hand over possession of the works to successful bidders.

Eligible unsuccessful bidders will be refunded the INR 5,00,000 (Rupees five lakhs only) deposit by the Sheriff of Mumbai within two weeks post the auction.

LIVE AUCTION

Pundole’s auctions are open to the public during preview. Clients who have submitted the registration form and made payment of INR 5,00,000 (Rupees five lakhs only) or equivalent USD amount, to the Sheriff of Mumbai along with the supporting documents  are eligible to bid in the auction. The catalogue will be available to view online by 22 May 2025. Printed catalogues will be available by 29 May 2025. Both the online and printed versions provide detailed descriptions and estimates for each lot.

All property sold is subject to the Terms and Conditions of Sale printed in the catalogue and available on the website as well as the directions and orders passed by the Bombay High Court on 17 February 2025 and 18 March 2025 and the Sheriff’s Notice dated 17 April 2025, which are all available to view on request.  Please familiarise yourself with them as they will facilitate the sale process.

BIDDING

All bidders need to complete the registration process, as explained in the Registration section below.

Eligible bidders, who have fulfilled the Sheriff’s criteria, may bid in the auction either in person, on the telephone, leaving absentee bids for the auctioneer to execute on their behalf, or, bidding with Pundole’s LIVE online from a computer or any mobile device.

Buyers can bid in their individual capacity or on behalf of a corporate or other entity.

Telephone Bidding

Eligible bidders can make arrangements with Pundole’s to bid on the telephone. As these will be accepted on a first come first serve basis, please try to make these arrangements at least 24 hours before the start of the auction.

Absentee / Written Bids

Eligible bidders may also choose to leave Absentee Bids which the Auctioneer will execute on their behalf during the sale. Please note that absentee bids should indicate the maximum limit per lot. All written bid amounts left should be in Indian Rupees and at the ‘hammer price’, i.e.: buyer’s premium will be added to the final bid amount should the bid be successful. The auctioneer will try and buy the lot at the lowest possible price above or at the reserve for the specified lot.

For any clarifications regarding the registration process and setting up telephone or absentee bids, please contact Mallika Sagar at mallika@pundoles.com or +91 98202 96510.

Online / Mobile Bidding

Eligible bidders may log in and bid online on the day of the sale. Please ensure that you have been assigned a paddle number prior to the start of the sale, and, complete all registration formalities before the auction begins.

Since Pundole’s is conducting this auction on behalf of the Sheriff of Mumbai, all bidders, without exception, need to adhere to the procedure set out by the Sheriff by 5 pm IST on 11 June 2025.  Please ensure this procedure is adhered to, as Pundole’s will not be in a position to allow bidders to bid without the Sheriff’s prior consent and due compliance of requirements.

Bidders will be able to follow the auction with Pundole’s LIVE through an audio and / or video feed and place their bids accordingly. The auction may be followed by downloading our mobile bidding application (available for Apple and Android devices) or on Google Chrome.

In the event of any technical difficulties online, registered bidders may call Pundole’s to try and be accommodated for a telephone bid, subject to availability.

Registration

Registration must be completed before 5 pm IST on 11 June 2025.

All bidders will have to submit / provide the following at the time of registration:

• Registration form duly signed and submitted by email to dysheriff@gmail.com or mallika@pundoles.com, or, in person to the Sheriff’s Office / Pundole’s.
• For domestic bidders, a demand draft / pay order drawn on any Nationalised or Scheduled Bank for INR 5,00,000 (Rupees five lakhs only) in favour of the Sheriff of Mumbai. This will be refunded [without interest] to all non-successful bidders.
• International bidders may wire transfer the INR 5,00,000 deposit in USD to the following bank account:

                              Name of the bank : Canara Bank, Fort Main Branch,

                                                               Fort,  Mumbai – 400001, India

 Canara Bank Nostro Bank A/c. with: CITI BANK  NEW YORK

 Canara Bank Correspondence Swift Code:  CITIUS33

 Canara Bank NOSTRO Account Details:   36053796

 Canara Bank Swift Code:                CNRBINBBBFD

 Beneficiary Account Name:              SHERIFF OF MUMBAI

 Account Number:                            0239121001002

Supporting documents for an individual:

• Copy of a valid government issued photo identification, including proof of address, i.e.: Passport, Driving License
• Copy of self-attested PAN card OR
• Copy of self-attested Aadhaar card

Supporting documents for a corporate or other entity:

A copy of the Certificate of Registration / Incorporation

A copy of GST registration certificate

A Board Resolution authorising the selected representative of the Company to bid in the auction on its behalf and bind the Company, together with photo identification of such representative

Please submit the registration form and supporting documents with the Sheriff of Mumbai to their office at

The Sheriff’s Office

Old Secretariat Building

City Civil Court

K.B. Patil Marg

Mumbai 400032

You may also send them to Pundole’s well in time so that they can be forwarded to the Sheriff.

Pundole’s
Hamilton House, Ground Floor

8 J.N. Heredia Marg

Ballard Estate

Mumbai 400001

You may also email them to dysheriff@gmail.com or mallika@pundoles.com.

Only eligible bidders will be allowed to bid in the auction. Authorised representatives may also bid on behalf of their principals. A letter of authority shall be produced by any person bidding on behalf of another person or entity. (Authority Letter format available on request.)

PROCESS

Viewing Works

All works will be on view both online and at Pundole’s viewing gallery, prior to the sale. Bidders are encouraged to view the works in person and discuss the condition with a representative from Pundole’s. Written condition reports are also available upon request. Please ensure to request a condition report from Pundole’s on the lots that may be of interest, prior to the sale. Condition Reports broadly will provide details and information to the best of Pundole’s abilities, and Pundole’s cannot be held liable for any information that is erroneously provided or not mentioned. These reports have not been done by trained conservators. We encourage you to get an additional professional assessment should you need.

Condition reports will broadly state the physical and visible, damaged and restored areas of the artwork. If there is an area specifically mentioned, it does not exclude other similar areas, and if there is a problem not mentioned, it does not mean that they do not exist. Any statement by Pundole’s does not constitute a representation, warranty or assumption of liability by Pundole’s of any kind.

Auction

The sale will be conducted in Indian Rupees.

All works have a price range or estimate indicated in the catalogue. The estimate is the value assigned by Pundole’s to each work and has been approved` by the Bombay High Court, keeping in mind comparable market examples for objects and the artist’s larger body of art works. Estimates are only indicative prices, and do not include buyer’s premium or any taxes, which will be additional. All catalogue descriptions are made to the best of Pundole’s knowledge, and are their opinion.

All works are sold subject to a reserve price as set by the Bombay High Court. The reserve price is the minimum price at which the Sheriff of Mumbai has agreed to sell the work at, and in no case will exceed the low estimate of a work. All reserve prices are kept confidential. Therefore, any bids below the reserve price will not be considered by the auctioneer to be a ‘selling price’.

Lots are usually opened for bidding below the low estimate, and increased in increments of approximately 10%. Any absentee bids that do not meet a standard bidding increment will be rounded down to the previous one. All increments are solely at the discretion of the auctioneer.

Buyer’s Premium and Government Taxes

The final price payable for every lot will be the Hammer Price (the price at which the auctioneer’s hammer falls) plus a Buyer’s Premium of 15%, which is subject to 18% Goods and Services Tax (GST). Taxes are subject to changes and revisions.

POST SALE

Payment

All successful bidders will be obliged to make payment in full of the purchase price, minus the initial deposit of INR 5,00,000 or equivalent USD amount, on or before 5.00 pm IST on 27 June 2025 by demand draft or pay order for domestic buyers and by wire transfer to the bank account as stated above for international buyers. Non-payment by the said time will lead to forfeiture of the deposit and a cancellation of the sale. Payment will only be accepted from the same party as indicated on the registration form.

All buyers will be responsible for any duties and taxes applicable at their end, as a result of the sale of the lot.

Pundole’s shall raise their invoice in respect of the Buyer’s Premium which is 15% of the Hammer Price plus applicable GST. The invoice will be sent by email to the email address indicated on the registration form by Pundole’s. Payment should be made to Pundole’s on or before 5.00 pm IST on 27 June 2025 by demand draft or pay order or bank transfer. Non-payment by the said time may lead to forfeiture. Payment will only be accepted from the same party as indicated on the invoice.

International buyers can pay through wire transfers. Invoices will be raised in Indian Rupees. GST will still be applicable on the buyer’s premium, even if the lot is exported out of the country.

Payments to Pundole’s can be by cheques or demand drafts to be made out to Pundole’s or by NEFT/Wire transfer to the bank account mentioned on the invoice.

Collection and Shipping

Pundole’s can arrange for local delivery in Mumbai and shipping within India and internationally at the buyer’s expense. Successful bidders wishing to have Pundole’s taking possession of the lots will have to duly authorise Pundole’s on their behalf. All quotes will be on a Cost Insurance Freight (CIF) basis unless instructed otherwise. If Pundole’s organises delivery even within Mumbai, transit insurance will be mandatory. Shipping instructions should be clearly completed on the form provided with the invoice, and should be sent back at the earliest. Shipping estimates are available on request. Please contact shipping@pundoles.com for more information. Any purchased lots not collected or shipped within 28 days of the auction will be moved to professional storage, at the buyer’s expense.

Any works exported from India will be done in compliance with the export and foreign exchange laws of the country. Similarly, when importing works into a country, buyers should check on any import restrictions or applicable duties before confirming a shipping location. While Pundole’s will assist with both shipping and export, it is the buyer’s responsibility to be aware of all import and export regulations and obtain any necessary licenses or permissions.

All purchases must be collected or shipped within 28 days of the auction. No works will be delivered or shipped before all payments for purchases, shipping and insurance have been completed.

For any inquiries, please contact Khorshed Pundole at khorshed@pundoles.com.