Coin Auction Controversy

Row over coin auction by Mumbai University's museum founder

TNN Jan 31, 2014, 02.50AM IST

MUMBAI: The president of Mumbai Coin Society, Farokh S Todywalla, has raised objection against a coin auction being held on Sunday by Dinesh Mody, the founder chairman of Mumbai University's (MU) Dinesh Mody Numismatic Museum. Todywalla has alleged that that Mody is auctioning coins donated to the museum.

In his letter to the MU vice-chancellor, Todywalla claimed that many gold and silver coins to be auctioned on February 2 belong to the MU museum. He added that he could identify at least 45 coins that his auction firm had sold to the museum. He said that Mody could not sell coins that Mody himself has donated to the museum.

But Mody has called the allegations baseless, stating that all coins referred by Todywalla were purchased by him using his own funds and were never donated. "The coins that I donated in 1994 are all in the university's possession. I have not stopped collecting coins thereafter. I have two to three coins of the same type which I don't need and can hence auction. I would like to set up another coin gallery like the one at the university," said Mody.

Mody also wrote to the university stating that he accepted bills in the museum's name for coins purchased for personal use as Todywalla did not charge the 10-15% buyer's commission if bills were prepaid in the name of the museum.

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Reply of Mr. Dineshbhai Mody-

To
Dr. Nareshchandra,
The Hon’ble Pro - Vice Chancellor,
University of Mumbai,
Fort, Mumbai

Sub:- Letter dated 27.01.2014 of Farokh Todywalla addressed to the Hon’ble Vice-Chancellor

Sir,
I deny the allegation of Todywalla that all the coins or any of them in Auction Catalogue No.15 of Classical Numismatic Gallery belong to Dinesh Mody Numismatic Museum. It is his own false imagination.

It is not correct that the Museum was established in 2002 at convocation Hall in 2002.

There was a function on 26.01.2005 at the Museum but it was not an inauguration Function. I deny that at that time or any time the entire collection was moved to strong room. It has been always on display Todywalla has fabricated facts from his own fertile imagination.

As per agreement dated 28.05.1993, between me and University , I agreed to donate the coins of my collection which I possessed till then and not that I collect in future. After my donation of coins to Museum, I have been collecting coins as my personal collection. The coins which are referred to by Todywalla were purchased by me during 2009 to 2013 out of my own funds and paid my own cheques to Todywalla. Museum has nothing to do with them as they are my personal property, which I can deal with and dispose of at any time I assure you that all the coins of the Museum are intact and none of them are moved. The register in Museum and Director and staff of Museum will vouch safe this fact.

All the coins referred to in the Wardhman collection of Classical Numismatic Gallery, by Todywalla were purchased by me with my own funds after more than 15 years of establishment of Museum and they were never donated to Museum at any time and they belonged to me personally which I can deal and dispose off at any time and in any manner. The donor accepted the bills in the name of the Museum even for the coins purchased for him personally because the said Todywalla did not charge 10 to 15% buyers commission if the bills were prepaid in the name of the Museum. So the donor accepted the bills in the name of the Museum even for his personal coins. In fact previously, I disposed of my collection in 1977 through the said Todywalla and thereafter I again started collecting which I donated to Museum in 1993. Then I again started building yet another collection which I presently hold personally.

The reference to prospectus is irrelevant as it was prepared by third party without my knowledge and it may contain mistakes. The no. of coins donated by me were clearly mentioned in the agreement dated 28.05.1993 between me and the university. The coins were never shifted to safe deposit vault as alleged. As per Clause (6) of the said agreement that all the coins will be kept on display only and not in vault.

In short, I assure you that none of the coins of the Museum is attempted to be sold by me. They are safe and secure and we maintain proper record of addition or withdrawal of any coin from the Museum. Director and staff keep strict vigil. All coins are under lock and key and they keep keys of cabinets of all coins properly secured in Museum only.

The complaint of Todywalla is false, frivolous, and baseless made out of business rivalry between him and Classical Numismatic Gallery, the present Auctioneer.

Yours Truly
Dineshbhai Mody

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MU in soup over auction of coins

Jan 31, 2014 | Age Correspondent

A PIL has been filed in the Bombay high court to stop the alleged auction of coins that belong to the University of Mumbai. The petitioner has claimed that the coins being auctioned are part of the same series that had been donated to the University for setting up a numismatic museum at its Kalina campus.

According to the petitioner, Farokh Todywalla, president of the Mumbai Coin Society, Mr Dinesh Mody, chairman of the Dinesh Mody Institute of Numismatic and Archeology had donated 25,000 coins to the MU for the museum. Mr
Todywalla has alleged that some of the coins in the series to be auctioned were sold to Mr Mody at a cheaper price as Mody wanted to donate the coins to the MU numismatic museum.
“We have found that 45 coins that Mr Mody bought from me in 2005 are part of the series to be auctioned. We have brought this to the notice of the University authorities and a senate member. However, I have also moved the court to stop this auction,” said Mr Todywalla.
Denying the allegation Mr Dilip Rajgore, director of the museum said Mr Mody was auctioning coins from his private collection apart from the ones he had donated to the University.
“The 30-40 coins being auctioned by Mr Mody are part of his personal collection. The museum has an inventory of the donated coins and the auctioned coins are not part of them,” assured Mr Rajgore.
The Maharashtra Navnirman Vidyarthi Sena that was appraised of the auction by Mr Todywalla, said that they would
ensure that the coins are not auctioned as it is University property. “Even though Mr Mody donated the coins, he cannot auction them on the grounds that they belonged to him previously. Once something is donated, it becomes the property of the University” said Santosh Gangurde, general secretary MNVS.

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HC restrains numismatist from auctioning coins

Press Trust of India | Mumbai
January 31, 2014 Last Updated at 19:59 IST

The Bombay High Court today restrained a numismatist (coin collector) from auctioning coins purchased by him and invoice in the name of Dinesh Mody Institute of Numismatics and Archaeology (DMINA).

A division bench of Chief Justice Mohit Shah and Justice M S Sanklecha was hearing a petition filed by another numismatist Farokh Todywalla, who claims to have sold a part of his coin collection to Dinesh Mody at a low price, some of which are on the block now.

Mody, in 2005, had donated over 7,500 coins to the Mumbai University to set up a museum at its suburban Kalina campus. Dinyar Madon, counsel for the petitioner, argued that Mody continued to purchase several coins and invoiced them in the name of the museum in order to avoid 10-15 per cent service tax.

According to the petition, Mody is allegedly auctioning some of these coins on February 2 under a series named 'The Wardhaman Collection of Indian Coins- Part I'. 409 coins have been put up for auction.

"If the coins are in the name of the museum, then that does not amount to his (Mody's) private collection," Madon argued.

The petition included a list of 45 coins, identified by him, as those which were invoiced in the museum's name, but has been put up for auction.

Ashish Kamat, Mody's counsel, refuted the claims that Mody had put up the museum's coins for auction.

He alleged that the petitioner (Todywalla) belonged to the rival business house and have been aware of the auction since December 28, 2013. "The auction was in the know of concerned persons since last year. Then why has the petition been filed two days before the auction," questioned Kamat.

Kamat further argued that the coins that have been put up for auction have been shown by Mody as his private collection in the Income Tax Returns filed by him.

Mody made a statement that he will not auction the 45 coins identified by the petitioner till the matter was settled.

However, the high court restrained him from auctioning any coin which has been invoiced in the museum's name. The court has directed Mody to file a detailed affidavit in reply by February 26.

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