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In a significant judgment, the Supreme Court has overturned a verdict directing the Brihanmumbai Municipal Corporation (BMC) to transfer the title of five acres land in Worli, Mumbai, to Century Textiles and Industries Ltd, now known as Aditya Birla Real Estate Limited. A bench comprising Justices Vikram Nath and Prasanna B Varale passed the judgment on January 7 while ruling in favour of the BMC and dismissing the plea of Century Textiles. Setting aside the Bombay High Court's verdict, the bench held the civic body was neither legally obligated to convey the land nor at fault for not executing the deed. In response to the verdict, a company statement read, "Aditya Birla Real Estate Limited (formerly known as Century Textiles and Industries Limited) is seeking legal advice to take necessary next steps in the matter. Aditya Birla Real Estate wishes to clarify that the said Land bearing is separate and distinct from and not impacting Birla Niyaara project at Worli." The judgement was
Century Textiles & Industries today reported a multi-fold jump in its net profit at Rs 120.24 crore for the first quarter ended June 30, mainly on account of lower expenses. The company had posted a net profit of Rs 6.46 crore during the same period previous fiscal, Century Textiles & Industries said in a BSE filing. Total income during the quarter under review stood at Rs 2,342.76 crore, as against Rs 2,320.34 crore in the year-ago period. The company said it has recognised an income of Rs 28.46 crore on account of revision in estimates of future cash flows based on actual realisation of government grants. Total expenses during the period was Rs 2,159.46 crore compared to Rs 2,308.01 crore a year ago, down 6.43 per cent. The stock was trading 5.05 per cent up at Rs 1,285.65 on BSE.