Firm seeks closure of BDA, HC slaps fine

The high court imposed Rs 50,000 penalty on Infrastructure Leasing and Financial Services (IL&FS), which sought the closure of Bangalore Development Authority (BDA), citing failure by the authority to pay Rs 5 crore for the ring road work.

Hearing the petition, the single bench headed by Justice PB Bhajantri rapped IL&FS saying that the BDA was not a company to be shut down.

The petitioner, IL&FS, has sought pending payment of Rs 5 crore for the work related to the construction of the ring road between Magadi Road and Mysore road in 2005.

The petitioner may pursue any other way to recover the payment, rather than filing a case under the Companies Act, the court said.