DB Realty Ltd - Updates on PIL filed by Dr. Kirit Somaiya

We have been informed of a post of X (formerly known as Twitter) that Dr. Kirit Somaiya has filed a Public Interest Litigation in the Hon. Bombay High Court wherein he has claimed that the erstwhile government and Mumbai Municipal Corporation awarded four contracts to DBS Realty and the Pune-based Chordia Group of Companies, to construct tenements for project affected people in Mumbai.

At the outset, we state that no such notice has been received by us. However, we vehemently deny all these allegations as contained in the subject post, which are absolutely false and entirely baseless, and we reserve our rights to take action against these false, baseless and defamatory allegations as we may be advised in accordance with law.

We also understand that the Corporation is in need of approx. 36,000 PAP tenements to rehabilitate project affected persons and it is for the construction of such PAP tenements that the Corporation invited bids from the public by way of e-tenders on 29th August 2019, 19th September 2019 and on 29th November 2019. These bids were open to all.

M/s. DBS Realty, a partnership firm in which the D B Realty Ltd. has a minority 1/3 partnership share (with 2/3 partnership interest owned by other partners), was awarded one such tender for construction of 4,000 PAP tenements at Chadivali. Therefore, the statement contained in the above referred post that DBS Realty belongs to D B Realty Ltd is factually incorrect and has been deliberately made to cause sensationalism and panic amongst the stakeholders of D B Realty Ltd.

However, insomuch as the award of the tender to DBS Realty is concerned, the same was cancelled by the Corporation in the month of November 2023 and the challenge to such cancellation by DBS Realty is in process.

Therefore, we once again deny all the allegations contained in the post of Dr. Somaiya. We state that M/s. DBS Realty has not received any monies or benefit under such a tender.

We reserve our rights to take action as we may be advised in accordance with law. However, we repeat and reiterate that every one of the statements contained in the subject post is false and libelous.

Shares of D B Realty Limited was last trading in BSE at Rs. 204.00 as compared to the previous close of Rs. 214.70. The total number of shares traded during the day was 235810 in over 4367 trades.

The stock hit an intraday high of Rs. 216.85 and intraday low of 201.30. The net turnover during the day was Rs. 48878525.00.

Source : Equity Bulls

Keywords

DBRealty INE879I01012 PIL Updates