YEAR EVENTS 1969 - The Company was established to take over by a Scheme of Amalgamation of Buckingham & Carnatic Co. Ltd., Bangalore Woollen Cotton & Silk Mills Co Ltd., Binny & Co Ltd., Ganges Transport & Trading Co., Ltd., and Madura Co. Private Ltd., with effect from 1st November. 1994 - BIFR at its hearing held on the 15th October 1993 declared the company as a sick industrial company within the meaning of provisions of Section 3(1) (o) of the Sick Industrial Companies (Special Provisions) Act 1985 and 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 the Foundry Section and 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 and non-availability of quality cotton, lower capacity utilisation both in Chennai and Bangalore Mills. Further a lock out in Bangalore Mills was declared with effect from 6th November 1993 due to labour unrest. - B & C Mills Staff Union entered into a settlement under section 12 (3) of the Industrial Disputes Act and agreed to extend their support for implementing the Scheme. 1996 - While the machinery was in the process of installation and commissioning, due to unprecedented rain in the mid of June, the entire mill area was affected and 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 the proposed Scheme of Arrangement between Binny Limited and 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 and drape of the same particularly the crepe sarees. - The company has an in-house R & D Department in Chennai Mills. Due to continuous efforts by R & D new products both in suiting and shirting varieties have been introduced for the local as well as export markets. 1997 - As per the MOU, the Mills were, reopened on 1st March 1997, under the supervision of a Special Officer nominated by the 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 and 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 and offer themselves for reappointment. 1998 - The management had signed a memorandum of understanding (MoU) 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 & C Mills. - Mr. N.P.V. Ramasamy Udayar one of the promoter directors on the Board, passed away on 14th December 1998. 2000 - Binny Ltd. is likely to be split into two entities, Binny Ltd. and Binny Karnataka Ltd. under a draft rehabilitation scheme. 2007 -The Company has designated the e-mail ID of the grievance redressel division. E-mail ID: binny-secretarial@yahoo.com. 2013 -Mr. P. K. Sundaresan, is appointed as Company Secretary and Compliance Officer of the Company with effect from October 01, 2013.