Financial Daily from THE HINDU group of publications Wednesday, Mar 08, 2006 |
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Opinion
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Editorial `LAND'MARK FOR MUMBAI MILLS
In what will become a landmark decision influencing future commercialisation of old mill land in Mumbai, the Supreme Court on Tuesday set aside a Bombay High Court ruling that had held the sale of surplus land of the National Textile Corporation to be contrary to the Board of Industrial and Financial Reconstruction (BIFR) scheme. The apex court, thus, vindicated the sale of surplus land of several mills by the NTC in the heart of the city saying that the changes made in the rules for the development of the mill land were constitutionally valid. The Bombay Environmental Action Group, an NGO, had filed a writ petition before the High Court last October alleging that the sale was in violation of rules. It had contented that surplus land of five mills were sold in violation of the Development Control Rule 58. The apex court bench, however, has now held that the developmental plans were in conformity with the BIFR scheme.
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