High drama at Binny Ltd: Former Chairman 'disowns' resignation letter submitted in his name, blames son for 'creating' it

The former Chairman wrote to the Board that he does not remember signing any resignation letter. (representative image)

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26 Aug, 2025 12:21

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There is high drama unfolding at the textiles marketing firm Binny Ltd.

The former chairman and managing director of the company, M Nandagopal, has written to the company's Board disowning a letter of resignation that was submitted in his name. He has written to the Board that his son Arvind Nandagopal may have "created" the resignation letter "taking advantage" of the senior Nandagopal's health condition.

This was written to the Board on June 4 and filed with the exchanges on June 5 at 2.56 pm. But later on June 5, at 6.51 pm, the company filed the outcome of a Board meeting that accepted Nandagopal's resignation. Interestingly, the Board meeting's outcome was dated a day before Nandagopal sent his letter to the Board; that is, the Board meeting's outcome was dated June 3, though it was filed with the exchanges on June 5.

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Here's the timeline of events, for clearer understanding:

On June 1, a letter is submitted to Arvind Nandagopal and the Board of the company, purpotedly from the senior Nandagopal and recording his resignation due to his age and health conditions; on June 3, the Board accepts his resignation; on June 4, Nandagopal writes to the Board disowning the resignation letter; and on June 5, both his objection and the Board's acceptance are filed with the exchanges.

What the letter said

In the letter to the Board, Nandagopal wrote that his son is claiming that he resigned as Chairman and Managing Director of Binny Ltd and that a letter to that effect has been made available to the Board.

Then he wrote, "I would like to make it clear that I don't recollect signing any such letter of resignation. I am suffering from health issues which my family members are well aware of. I vaguely recollect Arvind having come to meet me with his wife a few days ago when I was sedate after receiving treatment. (sic)"

He added, "However, I do not recollect signing any resignation letter as claimed by Arvind Nandagopal".

"I disown any such letter claimed to be my resignation letter. I have not signed any such letter of resignation. I apprehend that this could have been created by Arvind Nandagopal taking advantage of my health condition," he wrote.

He reiterated that he never intended or agreed to sign any letter of resignation as the Chairman and Managing Director.