This beautiful painting is held at National Gallery of Modern Art, New Delhi. It depicts one of Madan’s theatres at night in Delhi. We would love to know more about the painting, when it was drawn and which theatre or cinema it features. Please contact us if you have any information.
Madan Theatres Research Group 
This is the Madan Theatre on Corporation Street in Calcutta, later converted into Elite Cinema (stone’s throw from the Corinthian and where J F Madan lived). Probably painted in the 1920s or 1930s. Rabindranath Tagore performed here on several occasions, including premieres of some of his plays. Historic painting and impression of the theatre — compare with a photo of the same building that you have. Thank you for uploading the image.