Annual Report for the Financial year 2024-25
Awaiting price reaction for this filing.
Binny Limited has submitted its Annual Report for FY 2023-24 along with the notice for its 55th AGM, scheduled for December 31, 2025, via video conferencing. The AGM is significantly delayed — it was originally due by September 30, 2024 — due to major corporate governance turmoil. A SEBI order in July 2024 barred the Executive Chairman, Managing Director, and CFO from holding directorships, while two Independent Directors were also disqualified, leaving the board below the statutory minimum. The Madras High Court appointed a retired judge as Administrator to reconstitute the board through an EGM held in January 2025. The newly constituted board appointed new directors, a new CFO, and a new compliance officer, and is working to resolve pending disputes with tax authorities, GST departments, and joint venture partner SPR Construction Private Limited. The AGM will seek approval for the FY24 accounts, reappointment of statutory auditor M/s Venkatesh & Co for five years, and appointment of M/s RLS & Associates as secretarial auditor.
The filing reveals a serious year-long corporate governance crisis at Binny Limited that resulted in regulatory action, mass exits of senior management, and High Court intervention. While a new board is in place, the prolonged AGM delay, leadership turnover, and ongoing disputes with tax authorities and the JV partner could weigh on the stock and create uncertainty for shareholders going into the meeting.