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YEAR EVENTS
1969 - The Company was established to take over by a Scheme of Amalgamation of
Buckingham & Carnatic Co. Ltd., Bangalore Woollen Cotton & Silk Mills Co Ltd.,
Binny & Co Ltd., Ganges Transport & Trading Co., Ltd., and Madura Co. Private Ltd.,
with effect from 1st November.
1994 - BIFR at its hearing held on the 15th October 1993 declared the company as a sick
industrial company within the meaning of provisions of Section 3(1) (o) of the Sick
Industrial Companies (Special Provisions) Act 1985 and appointed Industrial Development
Bank of India as the Operating Agency.
- The performance of Engineering Division was affected inter alia by want of adequate
fund based/non fund based working capital funds, under utilisation of the Foundry
Section and high cost of borrowing to meet the cost of imported machinery.
- The performance of Textile Division was very much affected due to paucity of working
capital funds and non-availability of quality cotton, lower capacity utilisation both in
Chennai and Bangalore Mills. Further a lock out in Bangalore Mills was declared with effect
from 6th November 1993 due to labour unrest.
- B & C Mills Staff Union entered into a settlement under section 12 (3) of the Industrial
Disputes Act and agreed to extend their support for implementing the Scheme.
1996 - While the machinery was in the process of installation and commissioning, due to
unprecedented rain in the mid of June, the entire mill area was affected and the flood
level was as high as 5 feet in certain areas. Consequently the operation of the
mills was suspended from 15.6.1996.
- Members are aware of the proposed Scheme of Arrangement between Binny Limited
and Binny Karnataka Limited effective from 1.10.1996, filed before the High Court of Chennai.
- It is proposed to install an open stenter for processing of silk fabrics to improve the feel
and drape of the same particularly the crepe sarees.
- The company has an in-house R & D Department in Chennai Mills. Due to continuous
efforts by R & D new products both in suiting and shirting varieties have been introduced
for the local as well as export markets.
1997 - As per the MOU, the Mills were, reopened on 1st March 1997, under the supervision
of a Special Officer nominated by the Tamil Nadu Government.
- Following violent incidents before, the, Carnatic Mill gate, the, management, apprehending
great risk to the, companys properties, declared a lock-out on 7th July 1997 which has not
been lifted so far.
- The installation of ninety Shuttleless weaving machines replacing the obsolete shuttle
looms has increased the productivity and improved the quality of fabrics produced on
these looms.
- Mr. M.Ethurajan, Mr. K.M. Goenka, Mr.S. Natarajan, Mr. N.P.V.Ramasamy Udayar and
Mr.V.R. Venkatachalam retire by rotation and offer themselves for reappointment.
1998 - The management had signed a memorandum of understanding (MoU) with the labour
union to give effect to the scheme envisaging reduction of workers by 600 from the
current level of 1,150, company.
1999 - The management declared a lock out on 7th July 1997 following the violent incidents
before the B & C Mills.
- Mr. N.P.V. Ramasamy Udayar one of the promoter directors on the Board, passed away
on 14th December 1998.
2000 - Binny Ltd. is likely to be split into two entities, Binny Ltd. and Binny Karnataka Ltd.
under a draft rehabilitation scheme.
2007
-The Company has designated the e-mail ID of the grievance redressel division.
E-mail ID: binny-secretarial@yahoo.com.
2013
-Mr. P. K. Sundaresan, is appointed as Company Secretary and Compliance Officer of the Company with effect from October 01, 2013.
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