Bombay Stock Exchange and Mumbai civic body squabble over Rs 1.4 crore penalty
A notice issued by the A-Ward in July charged the BSE with a fine of Rs 1.2 crore, along with a monthly interest of around Rs20 lakhmumbai Updated: Oct 26, 2017 00:36 IST
Three months after the Brihanmumbai Municipal Corporation (BMC) slapped a notice of about Rs 1.4 crore on the Bombay Stock Exchange (BSE) for unauthorised occupation of the road around the building, the stock exchange has still not paid the dues.
A notice issued by the A-Ward in July charged the BSE with a fine of Rs 1.2 crore, along with a monthly interest of around Rs20 lakh, for setting up bollards and barriers on the Mumbai Samachar Road, Dalal Street, and Ambalal Doshi Marg without seeking permissions from the civic body.
An A-Ward official told HT that the BMC has charged the BSE Rs 2.12 lakh a month for the “illegal activity”, which took place from April 2012 to March 2015.
Kiran Dighavkar, assistant municipal commissioner, said: “Despite repeated reminders, the BSE has not paid its dues. As a result, the original amount has compounded. The BMC cannot give any concession to BSE for the pending amount, and waiving the amount is out of question.” The BMC intends to continue sending quarterly reminders to the BSE. If the BSE fails to pay up, the civic body will consider confiscation or demolition of the unauthorised extensions.
Yatin Padia, spokesperson for the BSE, denied having received any notice from the BMC.
“The Bombay Stock Exchange had erected the barricades in consultation with the Maharashtra police, following a terrorist attack and at a huge cost. BMC has raised the monthly charges, which we have contested,” Padia told HT.
“We tried to communicate with BMC, but we haven’t received any response. We haven’t received the fine letter as provided to [the press]. When we do receive it, we may contest it in the court based on our lawyer’s advice.”