Bombay High Court today directed the textile major Bombay Dyeing to hand over a third of its mill-land at Dadar-Naigaon in central Mumbai to the Brihanmumbai Municipal Corporation (BMC), to be developed as an open space, and another third to the state housing agency MHADA for low-cost houses.
In April 2010, the Court had stayed the stop-work notice issued by the municipal corporation to Bombay Dyeing, which was redeveloping the land.
The division bench of Chief Justice Mohit Shah and Justice Roshan Dalvi today vacated the stay, and asked the company to hand over one-third of the land each to BMC and MHADA. Bombay Dyeing had approached high court challenging the notice issued by BMC, following a direction from the monitoring committee which oversees mill-land re-development.
The committee, headed by Justice B V Chavan (retd), had directed the civic body to issue notice on the ground that Bombay Dyeing had failed to hand over the land to MHADA and BMC as required by the Development Control rules. Bombay Dyeing's housing projects are coming up on the lands where once textile mills ran: Spring Mills in Dadar-Naigaon where a 38-storey residential-cum-commercial tower is coming up, and Textile Mills in Worli where retail and IT spaces are in the offing on a 1.02 lakh sq m plot.
The committee also noted that the layout submitted by Bombay Dyeing was approved in 2005, but still the portions of land were not handed over to BMC and MHADA. Navroz Seervai, counsel for Bombay Dyeing, contended that under the DC regulations it would have to surrender land to MHADA and the corporation only upon completion of 30 per cent of the work. The court has stayed today's order till June 30 to enable Bombay Dyeing to file appeal.
Bombay Dyeing stock price
On November 27, 2015, Bombay Dyeing and Manufacturing Company closed at Rs 65.95, up Rs 0.60, or 0.92 percent. The 52-week high of the share was Rs 94.00 and the 52-week low was Rs 57.00.
The latest book value of the company is Rs 22.95 per share. At current value, the price-to-book value of the company was 2.87.
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