Annual General Meeting for the Financial Year 2024 25 to be held on 31st December 2025
Awaiting price reaction for this filing.
Binny Limited's 56th AGM is scheduled for December 31, 2025 at 2:30 PM via video conferencing. Key items include approval of a Joint Development Agreement (JDA) with M/s. Osian Constructions Pvt Ltd for 12.43 acres of land at Valasaravakkam, Chennai, on a revenue-sharing model (50/50 on base FSI, 27/73 on premium FSI) with a Rs. 50 crore refundable security deposit and estimated total revenue of Rs. 1,486 crores (Binny's share ~Rs. 693 crores). The AGM also notes full implementation of the SEBI settlement with Mohan Breweries & Distilleries Ltd (MBDL) — sale deeds for 112.72 acres at Chengalpet have been executed for Rs. 219.86 crores, and Rs. 30.44 crores from windmill land sales has been received (50 acres yet to be sold). Two Independent Directors (Mr. Rajeev Bakshi and Mrs. Jamuna) are proposed to be removed. The AGM was delayed beyond the September 30, 2025 statutory deadline, and audited financial statements for FY 2024-25 are NOT being adopted at this meeting due to ongoing SFIO investigation, litigation, and audit delays following a major board reconstitution in January 2025 ordered by the Madras High Court.
The proposed JDA could unlock significant real estate value (estimated ~Rs. 693 crore share for Binny) if approved, providing a major revenue catalyst. However, the delayed audit, unresolved SEBI/SFIO matters, removal of two independent directors, and the unusual circumstance of holding an AGM without adopting audited accounts signal ongoing governance turbulence that shareholders should weigh carefully.