The Bombay High Court has allowed Bombay Dyeing to surrender to the Brihanmumbai Municipal Corporation (BMC) and Maharashtra Housing and Development Authority (MHADA) its land in Spring Mills Property at Wadala in lieu of its land in Lower Parel under the Integrated Development Scheme as provided under Development Control Rules (DCR). Both Wadala and Lower Parel localities are regarded as plum real estate areas and house a number of high rises. The court said Bombay Dyeing was within its rights to decide which of its properties in Wadala and Lower Parel it wanted to surrender to BMC and MHADA. Granting no relief to workers unions who argued that the mill cannot surrender land from its Spring Mills property in Wadala alone and retain more expensive textile mill property in Lower Parel for redevelopment,Chief Justice Mohit Shah and Justice MS Sanklecha allowed Bombay Dying to give up its land in Wadala in lieu of its land at Lower Parel. Bombay Dyeing will now surrender 66,651 sq metre land from its Wadala property.
Sun-Apollo,Rustomjee Builders reach out of court settlement
Sun-Apollo India Real Estate Fund and Rustomjee Builders,locked in a court battle over a financial dispute,have reached an out-of-court settlement under which the private equity player exited in the realty firm for an undisclosed sum. An entity controlled by the promoters of Keystone (Rustomjees parent company) has purchased all the securities of Keystone held by Mausmi SA Investments and Mausmi Ventures (both investment vehicles used by Sun-Apollo), a statement from Rustomjee said. Sun Apollo had invested Rs 235 crore in Keystone in May 2009 through Mausmi SA Investments and Mausmi Ventures.
Govt allows Parsvnath Infra to surrender IT SEZ in Uttarakhand
The Centre has allowed Parsvnath Infra to surrender its IT/ITeS special economic zone in Uttarakhand. The approval was given by the Board of Approval (BoA),headed by commerce secretary S R Rao in its meeting on November 8. As per the minutes of the meeting,the Board noted that government of Uttarakhand has given its no objection to the denotification proposal of the developer. After deliberations,the board decided to approve the proposal of Parsvnath Infra Ltd.