Promoter family settlement: 16.15 lakh shares shifting, board control changing

The VRV Group promoters of Binny Mills signed a family settlement with the Sisters, who are part of the same promoter group. Under this, VRV Group will transfer 16,14,854 equity shares and 96,000 preference shares to the Sisters. VRV Group directors will resign, and the Sisters will form the board majority and nominate the Managing Director. The Binny brand and trademark will be assigned to Mr VR Venkataachalam. Management and control of the company will move from VRV Group to the Sisters. The company is not a party to this agreement.