BMC demolishes illegal portions of Mumbai stock exchange

Mar 27, 2014, 08:08 IST | Varun Singh and Sujit Mahamulkar

The civic body brought down illegal portions of the 28th floor of the BSE yesterday; the floor was earmarked as service area, but had a full-fledged office built on it

The Bombay Stock Exchange (BSE) took a hit of a different kind yesterday, when the Brihanmumbai Municipal Corporation (BMC) turned up at the building on Dalal Street to demolish illegal portions of the 28th floor.

According to the notice served by the civic body, parts of floors 3, 13, 26 and 28 were unauthorised. Sources said these were meant as a refuge area. But, the BSE had built a dining room, ply and wooden partitions, meeting hall, boardroom, library, office cabins and other structures in the space.

The demolition programme began with the top-most floor yesterday. The rest of the work will be carried out on the other floors in descending order. Authorities at BSE have assured the civic body that they will raze the illegal structures themselves, and the BMC will only be there as supervisors.

Vasant Prabhu, deputy municipal commissioner of the concerned zone, said, “BSE authorities first approached the High Court and then the Supreme Court, but the case didn’t stand. They have now agreed to remove the unlawful structures on their own. Our staff will supervise it.” Ward officials, along with MRA Marg police officials and encroachment removal squad, were on the spot to ensure removal of illegal portions.

BSE says
An official response from BSE read as follows, “BSE would like to update its stakeholders that the partitions on the floors under questions are in existence since 1981, and have not been in use since long. Removal of the partitions does not affect BSE member offices or regular operations at BSE in any manner.

The BSE team has extended complete support to the BMC authorities in removing the partitions at the assigned areas in PJ Towers. We would like to emphasise that BSE is a professionally-run organisation that believes in maintaining the highest standards of transparency and integrity, and holds the utmost respect to the country and its laws.”

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