MUMBAI
Brokers occupying offices in the podium terrace and three service floors of the Bombay Stock Exchange (BSE) building in south Mumbai, failed to get any relief from the Bombay High Court against the demolition notice issued by the Brihanmumbai Municipal Corporation (BMC).
A division bench of justices Anoop Mohta and MS Sonak was hearing a PIL filed by Aditya Srinivas and several other brokers challenging the May 28, 2013 notice and June 21, 2013 order passed by the BMC asking the BSE to pull down the illegal structures in the building, also known as Phiroze Jeejeebhoy Tower.
The PIL sought that the BSE should be directed to approach the BMC and seek regularisation of the illegal constructions. It contended that the BSE will not suffer but the brokers will, if the constructions are demolished.
Further, the share market will also fall if the demolition is carried out, claimed the PIL.
However, the judges remarked that the BSE was "not so economically fragile that removal of illegal structures will result in share market fluctuation".
SU Kamdar, counsel for the BMC, informed the high court that the BSE had challenged the BMC notice before the court and Justice KK Tated had dismissed BSE's petition in January. Hence, this PIL does not survive, said Kamdar.
The stock exchange had replied to the notice, claiming that it was unable to find the original plan. The BSE informed the civic body that it had applied for the document and also sought a copy of the occupation certificate.
The judges observed that if the BSE's petition was dismissed then nothing much could be done in the PIL. However, the PIL has been kept for hearing later this month.