M F Husain's 25 paintings locked up in bank locker

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As M.F. Husain’s paintings are all set to draw art lovers from across the world, 25 paintings are languishing in a locker of IndusInd Bank’s Lokhandwala branch in Mumbai.

These paintings, which Hussain created for the Mumbai-based industrialist, Mr Guru Swarup Srivastava, were deposited as security to the National Agricultural Marketing Federation of India (Nafed) when the latter provided a loan to the Srivastava Group of Industries (SGI).

“All 25 paintings are in our safe custody,” Mr Romesh Sobti, MD of IndusInd Bank, said. As per the Rs 100 crore deal, Husain had agreed to create 100 paintings.

“But the deal soured after the first batch of 25 paintings,” said a banker formerly with IndusInd Bank.
Mr Srivastava could not be contacted for comments.

The valuable paintings continue to remain in the bank locker, as a court case between Nafed and Mr Srivastava over default in repayment dragged on.

Mr Jagmohan Bhanot, additional managing director, Nafed, said that all these paintings continue to be in the custody of the bank in Mumbai.

It is alleged that Mr Srivastava borrowed Rs 236 crore from Nafed for his iron export but diverted the money to buy select paintings from Hussain.

But since Nafed is an agricultural related finance company and the finance was diverted the financier took joint ownership of the painting. Mr Srivastava and Hussain had sought permission from the then Maharashtra CM, Mr Vilasrao Deshmukh, to build an art gallery and a museum in the Kamala Nehru Park, Mumbai.