A Karnataka High Court-appointed arbitrator has held that a painting by artist Raja Ravi Varma, sold by Bengaluru-based Bid and Hammer auctioneers was genuine and asked a company represented by Kiran Nadar to pay a sum of over Rs 79 lakh towards final settlement.
Justice R Gururajan, the arbitrator and a retired judge of Karnataka High Court, has also ordered payment of 12 per cent interest to Bid and Hammer from the date of invoice till the date of settlement of the amount, if the payment is not made within two months from December last.
The dispute arose out of SKN Investments, Chennai, whose director is Nadar, contesting the genuineness of the painting entitled ‘Jatayu Vadham or Ravana carrying Sita’, citing technical report of an expert. Nadar had earlier requested for special terms of payment which was agreed to by Bid and Hammer under which she was allowed to pay 50 per cent of the amount (Rs 79,72,598) immediately and the rest in two months.
After she paid 50 per cent of the amount by cheque in September, 2011 she sent an email in November to Bid and Hammer with the technical report saying the painting was fake. Subsequently, Bid and Hammer approached the Karnataka High Court raising a dispute under the Arbitration and Conciliation Act. Before the tribunal, elaborate pleadings were filed, evidence was led and elaborate arguments were heard from both the sides backed by views of experts.
In the award given in December last year, the arbitrator Justice Gururajan said, “The tribunal holds that the subject painting is genuine and answers the description in terms of the catalogue.” He added: “On the facts and in the given circumstances, despite a very strong argument by the learned counsel for the respondents, I am unable to accept the theory of the subject painting being not authentic in terms of the arguments placed before me. I reject his argument.”
