Copal Art
Has anyone here dealt with Copal Art. See www.copalart.com. There website makes very interesting reading especially "Copal Bets", "Recommended Artsists" and "Copal Newsletter" (although there have been no new newslettes since July when the markets started correcting.
Tags: copal art
Replies to This Discussion
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Permalink Reply by IAN Editor on -
I suggest you take advise from your Chartered Accountant and lawyer. They can advise you on what action to take including reporting the matter to the tax and other authorities.
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Permalink Reply by Umesh U V on -
Sachin
Galleries from all over India are charging 12.5% VAT on artworks, the exception is offcourse Kolkata Galleries do not charge VAT. Once the artwork is sold at a fixed amount with a genuine bill, there is no reason for the gallery to contact the buyer again to collect VAT from them, this is purely ILLEGAL. Hope some one takes the initiative to book Copal and prevent further damage.
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Permalink Reply by Sachin on -
Hi Umesh,
Thanks for the information about Kolkata based galleries. As I understand, Buyer has to pay VAT to the gallery only after issuance of Genuine Bill (with VAT Entry) and that too immediately after purchase. (Please correct me here if I am wrong).
Copal sold art works, delivered them and later on they sent "Proforma Invoices" to all investors without charging VAT in 2007. They are now asking for pending payment of VAT from investors. Copal is sending bills of current date without mentioning VAT number and on a plain paper, not on their letter head!!! Is it a right practice?? Is investor liable to pay VAT to Copal??
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Permalink Reply by Umesh U V on
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Sachin said:Buyer has to pay VAT to the gallery only after issuance of Genuine Bill (with VAT Entry) and that too immediately after purchase. (Please correct me here if I am wrong).
Copal sold art works, delivered them and later on they sent "Proforma Invoices" to all investors without charging VAT in 2007. They are now asking for pending payment of VAT from investors. Copal is sending bills of current date without mentioning VAT number and on a plain paper, not on their letter head!!! Is it a right practice?? Is investor liable to pay VAT to Copal??
You are right Sachin, in fact the bill has to mention Rs 10000 + Rs 1250 (12.5%VAT) = Price Rs 11250 on the specified payment date. This can also be couriered in case cheque is postdated one.
Buyers can send the documents of the old and the new to the Tax office and book Copal legally. The tax authorities can seal the company for fraudulent evasion of tax and claiming on a later date on a blank paper.....
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Permalink Reply by IAN Editor on
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See the letter above from Ajay Seth, Chief Mentor, Copal Art P Ltd, dated 7 Sep 2009. Interesting read. It talks about "future plans to launch its Series IV for Rs.1000 crores". It also refers to his past schemes and says "that three delivery-linked art fund services that we launched in the past have received encouraging response".
The letter comes with a small booklet talking about Art in the World, Art Funds, Copal's Vision, Copal's Delivery Linked Art Fund Module, Copal's edge over other Art Funds, Track Record, Research, Copal's Art Education Series, Copal Panel and The Future. This is accompanies by images of works by artists including SH Raza, Vaikuntam, Kolte, Tagoe, Jamini Roy, Ram Kumar and others.
Worth a read in my opinion.
Sachin, Mayank,Vijay and other IAN members: this could be of relevance to you as you try and settle the issues your have highlighted on this forum in the past with Copal.
Any other members have any dealings with Copal and want to share the experiences and advise others who have got this letter from Copal.
ps I will not be investing.
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Permalink Reply by Sachin on
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Copal launching Rs. 1000 Cr "Art Fund???" is not a news now. Mr. Ajay Seth then Head-Operations of Copal (Now Chief Mentor) has been talking about this since 2007 (He has mentioned this in media also). When did Copal launch other Three "Art Funds"??? There is no proper proof available. Copal started collecting money for soft launch of "Copal Art Investment Fund-III" in February 2007. They were to launch it by March 31, 2007. They kept on changing dates of launch and suddenly there was no mention about "Art Fund". Copal then changed its name from "Art Fund" to "Art Portfolios". Now in this letter to investor displayed by Mr. Editor, Copal again talks of "Art Funds" and not "Art Portfolios". Strange... !!!
Copal was successful in SELLING Art works of 28 Artists to some 2000 Collectors (or investors?). The question is, will Copal be successful in helping these investors to liquidate their purchased works? No one in Copal is interested to talk about this. Whenever an investor calls for liquidation, Copal denies taking such responsibility. They are ONLY interested in SELLING their stock. Why does Copal calls it a "Rs. 1000 Art Fund" when there is no exit route!!! Copal says that investor can sell his purchased work in open market, but the reality is - there are hardly few buyers for art works sold by Copal. Moreover, Copal is forcing investors to pay VAT for purchases made in year 2007 with the bill of current date (and that too investor has to pay VAT first and then Copal will send Bill of Purchase)!!! Is it a proper functioning of "Art Fund"???
Good luck to all propsective investors of World's Largest Art Fund.
IAN Editor said:
See the letter above from Ajay Seth, Chief Mentor, Copal Art P Ltd, dated 7 Sep 2009. Interesting read. It talks about "future plans to launch its Series IV for Rs.1000 crores". It also refers to his past schemes and says "that three delivery-linked art fund services that we launched in the past have received encouraging response".
The letter comes with a small booklet talking about Art in the World, Art Funds, Copal's Vision, Copal's Delivery Linked Art Fund Module, Copal's edge over other Art Funds, Track Record, Research, Copal's Art Education Series, Copal Panel and The Future. This is accompanies by images of works by artists including SH Raza, Vaikuntam, Kolte, Tagoe, Jamini Roy, Ram Kumar and others.
Worth a read in my opinion.
Sachin, Mayank,Vijay and other IAN members: this could be of relevance to you as you try and settle the issues your have highlighted on this forum in the past with Copal.
Any other members have any dealings with Copal and want to share the experiences and advise others who have got this letter from Copal.
ps I will not be investing.
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Permalink Reply by IAN Editor on
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Copal Art (P) Ltd ("Copal") have engaged a law firm, S Jalan & Company, to try and shut down this website for using the website singularly to post articles against Copal with malicious intent to defame Copal.
Indian Art News deny these allegations and post a copy of the letter from Copal's lawyers below. We have engaged legal counsel to respond to this matter.
Indian Art News is an open platform. We encourage Copal and Mr Ajay Seth to post their views on this site. We encourage them to reply to members who have posted their views about Copal. This will allow them to state their side of the various issues discussed. Ajay Seth has himself been a member of this site since 12 December 2008.
Regards,
Indian Art News
LETTER FROM S JALAN & CO, LAWYERS REPRESENTING COPAL ART (P) LTD:
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Permalink Reply by Dr. Krishna Kumari Challa on -
I am following all this very keenly. Thanks for bringing this story to our notice, IAN.
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Permalink Reply by Sachin on
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I sincerely hope other members of IAN will also take active interest and participate with their views in this forum.
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Permalink Reply by Manoj Israni on -
Hi Deepak,
I just came across this thread.Why are you receiving legal letters on an open platform????There are so many pro groups and anti groups on the internet as well as on social networking sites.From what i can see is you guys are just thrashing out some issues.!!Carry on your discussions!!Every person in your group from what I know has some social standing here.If someone starts a hate group one would have to counter it or ignore it but man don't get your lawyers involved.....I hope better sense prevails!!
Cheers!
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Permalink Reply by IAN Editor on
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Manoj - Agree with you but we need to ensure that they do not try and shut down this site. We promote debate and discussions and I expect as many people to disagree with what I say as there are who agree. C'est la vie. That is the beauty of an open network. Sadly some people want to shut down the site and it is our duty to ensure that does not happen.
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Permalink Reply by Christian De Boeck on -
I have lawyers for breakfast and know how I would deal with this law firm and their client.
If the claims made against their client are true and can be substantiated (which from what I read hear appears to be the case) then their client hasn't a leg to stand on.
This letter is an attempt at intimidation and I very much doubt that they would have any chance of success if they were so stupid as to initiate legal proceeds in a court of law in the US or India.
Where I live (South Africa) they would most certainly fail.
Seeing they get nailed for tax evasion would be the best route to follow.
Indian Art News is to be commended for exposing Copal.
IAN Editor said:Copal Art (P) Ltd ("Copal") have engaged a law firm, S Jalan & Company, to try and shut down this website for using the website singularly to post articles against Copal with malicious intent to defame Copal.
Indian Art News deny these allegations and post a copy of the letter from Copal's lawyers below. We have engaged legal counsel to respond to this matter. Indian Art News is an open platform. We encourage Copal and Mr Ajay Seth to post their views on this site. We encourage them to reply to members who have posted their views about Copal. This will allow them to state their side of the various issues discussed. Ajay Seth has himself been a member of this site since 12 December 2008.
Regards,
Indian Art News
LETTER FROM S JALAN & CO, LAWYERS REPRESENTING COPAL ART (P) LTD:
© 2010 Created by IAN Editor
