Auction agency Saffronart has communicated that the live auction of Nirav Modi's assets recovered by Enforcement Directorate has been postponed to March 5. In a late evening statement on Feb 26, Saffronart said the live auction was postponed to March 5 on "instructions from the Enforcement Directorate".
The delay is attributed to the possibility of a legal route (writ petition) sought by Nirav Modi to halt the sale. A previous sale was also temporarily halted by Modi's team last year. The 48 year old once-popular diamantaire is currently lodged at Wandsworth prison in south-west London wanted in an alleged role in the Rs 13,570 crore bank scam at Punjab National Bank (PNB) along with his uncle, Mehul Choksi.
The auction of some artworks last year had fetched Rs 55 crores and the recovery amount pales when compared to what Punjab National Bank alleges.
The current auction contains 112 lots to be auctioned. The lots contain rare paintings, exquisite wrist watches and luxury cars. Of these, 72 items will be sold via an online auction, almost similar in style with that of a flash sale of several electronic items on popular e-commerce sites.
Here's a look at some of the items going under the hammer:
Text: Sify Finance
Images: Sify Archives & respective agencies