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History of Binny Ltd.

YEAR EVENTS 1969 - The Comp. was established to take over by a Scheme of Amalgamation of Buckingham and Carnatic Co. Ltd., Bangalore Woollen Cotton and Silk Mills Co Ltd., Binny and Co Ltd., Ganges Transport and Trading Co., Ltd., & Madura Co. Private Ltd., with effect from 1st November. p align=justify> 1994 - BIFR at its hearing held on the 15th October 1993 declared the Comp. as a sick industrial Comp. within the meaning of provisions of Section 3[1s] [os] of Sick Industrial Companies [Special Provisionss] Act 1985 & 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 Foundry Section & 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 & non-availability of quality cotton, lower capacity utilisation both in Chennai & Bangalore Mills. Further a lock out in Bangalore Mills was declared with effect from 6th November 1993 due to labour unrest.

- B and C Mills Staff Union entered into a settlement under section 12 [3s] of Industrial Disputes Act & agreed to extend their support for implementing the Scheme.

1996 - While the machinery was in the process of installation & commissioning, due to unprecedented rain in the mid of June, the entire mill area was affected & 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 proposed Scheme of Arrangement between Binny Limited & 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 & drape of same particularly the crepe sarees.

- The Comp. has an in-house R and D Department in Chennai Mills. Due to continuous efforts by R and D new products both in suiting & shirting varieties have been introduced for local as well as export markets.

1997 - As per the MOU, the Mills were, reopened on 1st March 1997, under the supervision of Special Officer nominated by 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 & 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 & offer themselves for reappointment.

1998 - The management had signed a memorandum of understanding [MoUs] 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 and C Mills.

- Mr. N.P.V. Ramasamy Udayar one of promoter directors on the Board, passed away on 14th December 1998.

2000 - Binny limited is likely to be split into two entities, Binny limited & Binny Karnataka Ltd. under a draft rehabilitation scheme .