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Binny
BSE: 514215|ISIN: INE118K01011|SECTOR: Textiles - Spinning - Cotton Blended
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Company History - Binny
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.
Source : Dion Global Solutions Limited
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