The Company has received the special notice from the Public Shareholders to remove Independent Director Mrs Jamuna
Awaiting price reaction for this filing.
Binny Ltd has received a special notice from public shareholders holding 240,000 equity shares (1.07% of voting capital) seeking the removal of Independent Director Ms. Jamuna Soundaram (DIN: 10550658) from the board. The notice, issued under Sections 100, 115, 169 and 152 of the Companies Act, 2013, requires the company to convene an Extra-Ordinary General Meeting (EGM) or take up the resolution at the next AGM. Shareholders have cited three concerns: she failed to qualify as an independent director because she was not empanelled with the IICA database, she allegedly did not hold a valid DIN at the time of appointment, and she lacks relevant work experience or professional background in finance, law, management or administration.
This is a shareholder activism event targeting an independent director over governance and qualification concerns. If the resolution passes, it could lead to a board composition change. The allegations about DIN and empanelment issues, if upheld, could raise broader questions about the company's past director appointment process. Investors should watch for the EGM outcome and any response from the board.