The Bombay High Court today refused to grant any relief to stock brokers challenging a demolition order passed by Brihanmumbai Municipal Corporation (BMC) on certain illegal structures inside the Bombay Stock Exchange (BSE) building here.
A PIL in this regard was filed by Aditya Srinivas and several other brokers who challenged the May 28, 2013 notice and June 21, 2013 order passed by the civic body asking BSE to raze illegal structures constructed on a podium terrace and three service floors in its building, also known as P J Tower.
The PIL sought for a direction to BSE to approach the corporation for regularisation of unauthorised constructions.
The petitioner's advocate told the court that ultimately the brokers, and not the BSE, will suffer if these constructions are pulled down. He also argued the share market will also fall if the BMC's order is implemented.
To this, Justice Sonak remarked, "The BSE is not so economically fragile that removal of illegal structures will result in share market fluctuation."
BMC counsel S U Kamdar informed the court that BSE had approached the high court last year, challenging the demolition order.
"A single bench of the high court had this year dismissed the BSE's petition. Hence this PIL also does not survive and should be dismissed," he said.
The court said if BSE's petition had been dismissed then nothing much can be done in this PIL and posted the petition for March 14.
