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Bombay Dyeing challenges Maha on mill land issue

Source : BUSINESS_STANDARD
Last Updated: Sat, Feb 09, 2013 19:11 hrs

Wadia Group-owned Bombay Dyeing is planning to file a counter affidavit in the the high court here against the affidavit by the Maharashtra government which said the company had not secured mandatory approvals from authorities to develop a mill land in central Mumbai.

The government, according to a recent media report, said no official approval was granted to the company to modify its development proposal in the Dadar Naigaon area. The affidavit said the section officer in the textile department issued permission to the company in August 2004 even before it was approved by the state textile minister and the chief minister.

In a statement Jeh Wadia, MD, clarified the affidavit pertained to the Worli property and not the Dadar one. "These reports are factually incorrect as the affidavit they referred to does not pertain to either approval for land or construction but pertains to the company’s textile modernisation scheme at its Worli unit. This has no impact whatsoever on the development and construction plan in Dadar, the location of ONE lCC and TWO ICC,” he said.

"As to the affidavit referred to in the press, the company is unable to comment as the matter is sub judice. However, the company will be filing a suitable counter affidavit addressing the aliegations made therein," he added. Bombay Dyeing shares dipped 3.4 per cent in the last three trading sessions and the stock closed at Rs 102.40 on Friday, 2.85 per cent down on Thursday’s close.



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