Your Directors have great pleasure in presenting the Fifty fifth (55th) Annual Report on the business and operations of your company together with Audited Financial Statement for the financial year ended 31st March 2024 and the Auditors report thereon.
HIGHLIGHTS OF FINANCIAL PERFORMANCE: ( in Lakhs)
Particulars |
For the Year |
|
| 2023-24 | 2022-23 | |
Revenue |
7,716.41 | 15,441.17 |
Expenditure |
10,325.89 | 5157.25 |
Profit / (Loss) before Depreciation & Tax |
(2,609.48) | 10,283.92 |
Depreciation |
91.76 | 428.33 |
Profit / (Loss) before Exceptional item and tax |
(2,701.24) | 9,855.59 |
Exceptional item |
- | - |
Profit / (Loss) before Tax |
(2,701.24) | 9,855.59 |
Tax |
(277.39) | 3,917.50 |
Profit / (Loss) after Tax |
(2,423.85) | 5,938.10 |
Other comprehensive income/ (loss) |
1,140.84 | 1,444.79 |
Total comprehensive income |
(1,283.01) | 7,382.89 |
REVIEW OF OPERATIONS
The revenue from operations consists of the revenue recognized under the Second Amended and reinstated Joint Development Agreement (JDA) dated 06.08.2025 to the tune 3418.82 lakhs.
CHANGE IN COMPOSITION OF BOARD:
Pursuant to the Honble High Courts direction, an EGM was convened on January 4, 2025, during which the following individuals were duly appointed as Directors of the Company:
S.NO NAME OF THE DIRECTOR |
DESIGNATION |
1 James Richard Williams |
Director |
2 Nutrajan Ramesh |
Director |
3 Nilima Sathyanarayanan |
Director |
4 Sathyanarayanan Balakrishnan |
Whole-time Director |
5 Natrajan Prasanna |
Director |
6 Shankaran Sundar Raman |
Independent Director |
JOINT DEVELOPMENT AGREEMENT (JDA) WITH M/S SPR CONSTRUCTION PVT. LTD.
During the financial year 2023, an accounting-related dispute had arisen between your Company and its joint development partner, SPR Construction Private Limited. Owing to the non-settlement of certain issues, the joint development partner invoked Arbitration proceedings and filed a petition under Section 9 of the Arbitration and Conciliation Act, 1996 before the Honble High Court of Madras, pursuant to which the Arbitrators were appointed and the arbitration proceedings were in progress.
Subsequently, during the year, based on the directions and actions taken by the new Board of Directors appointed by the Honble High Court of Madras, a Special Committee was constituted under the Chairmanship of Honble Retired Justice Bhaskar. The said Committee appointed two independent and reputed IBBI-empanelled valuers to determine the basis for settlement through appropriate valuation mechanisms, including the option of area sharing for future developments.
Accordingly, the Special Committee convened several meetings on various dates and finalised the scope of valuation. It was decided that the settlement would be structured as follows:
out of the total 120 lakh square feet; and
For the purpose of arriving at the settlement value in respect of the 53.18 lakh square feet, the valuers were specifically entrusted with the task of projecting future cash flows and determining the appropriate settlement value using established valuation methodologies, including the Discounted Cash Flow (DCF) Method. The valuers submitted a detailed and comprehensive valuation report based on these parameters.
Based on the findings and recommendations contained in the valuation report and after due deliberation, your Board of Directors approved the settlement framework as recommended by the Special Committee.
Pursuant to the approval of the settlement framework by the Board of Directors, a Revised Joint Development Agreement was duly executed on 06th August 2025 after getting the approval of the Shareholders under section 180 of the Companies Act,2013, incorporating the terms of compromise mutually agreed upon between the Company, Binny Limited, and SPR Construction Private Limited. Consequent to the execution of the revised agreement, the arbitration proceedings stood fully and finally settled, resulting in the complete closure of the arbitration tribunal and all connected legal proceedings.
Your Board of Directors is pleased to state that post-closure of the arbitration proceedings, the operations relating to the project have normalised in all respects. The relationship between the parties is now cordial, cooperative, and progressive, and the project activities have regained momentum and are being carried forward smoothly in accordance with the revised development framework.
Key Terms of the Second Amended & Reinstated JDA:
The revised JDA provides that up to 53.18 lakh sq. ft. of saleable area will be settled through a lump sum payment, after adjusting all prior payments made under the original JDA.
The balance saleable area, out of a total contemplated 120 lakh sq. ft. (including Premium FSI) will be developed under an area sharing model.
JOINT DEVELOPMENT AGREEMENT (JDA) WITH M/S OSIAN CONSTRUCTION PVT.LTD
In respect of one of the land parcels of 12.43 acres land at Valasaravakkam taken over by the Company from M/s Mohan Breweries and Distilleries Limited (MBDL) under the Scheme of Settlement, the Company proposes to enter into a Joint Development Agreement ("JDA") with M/s. Osian Construction Private Limited, Chennai for developing the same into a residential complex. The revenue from the project is estimated at 1486 crores of which the Companys share works out about 693 crores.
For the above JDA the draft Term Sheet was already approved by the Board of Directors at its meeting held on 01st September, 2025
Now the draft JDA as per the approved Term sheet has been prepared and the same has been approved by the Board at the Board meeting held on 04.12.2025 subject to the approval of the shareholders under Sec 180 of the Companies Act 2013.
The valuation report obtained from an Independent Registered Valuer supports the consideration and confirms the market value, expected revenue from the project and the share of the Companys revenue.
The proposed JDA is a normal commercial arrangement enabling the Company to unlock the value of its real-estate assets.
Key Terms:
Binny Limited – Land Owner: 50%
Osian construction Pvt. Ltd. – Developer: 50%
Binny Limited – Land Owner : 27%
Osian construction Pvt. Ltd. – Developer: 73%
The Developer agrees to pay a total refundable security deposit of 50 Crores (Rupees Fifty Crores only).
Total estimated revenue during the Project period: 1486 cr. Binnys estimated Share of revenue: 693 cr.
APPEAL BEFORE SECURITIES APPELLATE TRIBUNAL (SAT) AGAINST SEBI ORDER AND ITS STATUS:
A Scheme of Settlement was entered into by the Company with Mohan Breweries & Distilleries Limited ("MBDL") for recovery of its advances which were made for purchase/takeover of its certain land/assets. The Scheme was duly approved by the Board of Directors and the public shareholders of the Company.
While SEBI, in-principle accepted the method and manner adopted by the Company for recovery of funds from MBDL under the Scheme of Settlement, it raised concerns regarding the sufficiency of documentation specifically, through the execution of Registered Agreements to sell and Registered General Power of Attorney. Consequently, SEBI was constrained to pass its Order dated 31st July 2024 rejecting the method of transferring the assets and with a direction that specified monies advanced in earlier years be brought back into the Company and that all related-party transactions with Mohan Breweries & Distilleries Limited ("MBDL") be duly regularised and reflected in the Companys books of account.
The Company had filed an Appeal before Securities Appellate Tribunal (SAT) against the said order of SEBI dated 31st July 2024. The SAT admitted the Appeal and granted an interim stay. The hearings are in progress. In the meantime, with a view to settle the matter amicably and to bring an early closure, the Company has considered the said Order and wanted to comply with SEBIs order with regard to method of transfer of lands from MBDL to the Company. Accordingly, the Company has put up a proposal to the Board to execute sale deeds for all those lands which were taken over from MBDL by the method of execution of Registered Agreements to sell and Registered General Power of Attorney and obtained Boards approval in the Board meeting held on 01st September, 2025 for the same.
both Binny Limited and MBDL as listed below
Chengalpet Land Registration Details
Sl No Sale Deed Date |
Doc No | Extent (In Acres) | Consideration (including TDS) | TDS Deducted |
1 25-06-2025 |
1800/2025 | 18.44 | 23,24,78,612 | 23,01,768 |
2 08-09-2025 |
2570/2025 | 9.43 | 65,65,00,569 | 65,00,006 |
3 09-09-2025 |
2727/2025 | 31.02 | 48,40,60,416 | 47,92,677 |
4 11-09-2025 |
P/118/2025 | 53.83 | 84,75,27,223 | 83,91,359 |
| 112.72 | 2,22,05,66,820 | 2,19,85,810 |
For the above JDA, the Term sheet was already approved by the Board of Directors at its meeting held on 1st September 2025.
Based on the above Term sheet, the draft JDA was prepared and approved by the Board in its Board Meeting held on 04th December 2025 subject to the approval of the Shareholders under Sec 180 of the Companies Act, 2013.
transfers were effected at fair value.
The Company has thereby fully complied with SEBIs directions and with the orders of the Honble Securities Appellate Tribunal.
INVESTIGATION BY SFIO
The Ministry of Corporate Affairs (MCA) ,New Delhi has ordered under section 212 (1) (a) ( c) under Companies Act,2013 investigation by Serious Fraud Investigation Office (SFIO) into the affairs of the Company vide order dated 23rd July
2024. Based on the above, the SFIO then issued notice for calling information under Section 217(2) of the Companies Act,2013. All the Details sought by them were provided.
DIVIDEND
The Company does not recommend any dividend for the year ended March 31, 2024.
DEPOSIT
The Company did not invite or accept any deposit during the year under review.
SUBSIDIARY
Pursuant to Section 129(3) of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules, 2014, the statement containing salient features of the financial statements of the Companys subsidiary in Form AOC-1 is forming part of the Annual Report and Accounts.
DIRECTORS:
NO RE-APPOINTMENT OF RETIRING DIRECTOR
Status of the Board of Directors during the Financial year 2023-2024
The Composition of the Board of Directors as on March 31,2024 was as follows:
S. NO DIN/PAN |
NAME | DESIGNATION | DATE OF APPOINTMENT |
1 00058710 |
Masilamani Nandagopal | Managing Director | 23/03/1996 |
2 02661966 |
Thangavel Krishnamurthy | Whole-time director | 04/09/2021 |
3 00032253 |
Rajeev Bakshi | Additional Director | 05/02/2024 |
4 10550658 |
Jamuna | Additional Director | 05/02/2024 |
Based on the aforementioned list, the status of the Directors is as follows:
However, a show cause notice was issued to him questioning the pecuniary business relationship he has with the Company and thereby attracting his disqualification u/s 149(6). Also it is observed that there is no declaration of independence filed by him before the Board.
It was also noted that name of Mr. Rajeev Bakshi has not been available in the data bank as required under section 150 of the Companies Act for being eligible to be appointed as Independent Director. He was removed as an Independent Director by the Board on 14th May,2024.
In light of the foregoing, it is evident that none of the Directors who held office as on the closure of the financial year 2023–2024 continue to be associated with the Board. Consequently, no Director is liable to retire by rotation at the Annual General Meeting held for the financial year 2023–2024.
RESIGNATION OF KEY MANAGERIAL PERSONNEL
Shri. M. Nandagopal , Executive Chairman of the Company resigned with effect from 31.07.2024. Shri. Arvind Nandagopal , Managing Director of the Company resigned with effect from 31.07.2024
Shri. T. Krishnamurthy, Director (Finance) & CFO of the Company resigned with effect from 31.07.2024
PARTICULARS OF EMPLOYEES
No employee of the Company was in receipt of Remuneration during the Financial Year 2023-24 in excess of the sum prescribed under Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
NUMBER OF MEETINGS OF THE BOARD
The Board Meetings were conducted to review the Companys business and to discuss its strategies and plans. During the Year 8 (Eight) Board Meetings were convened and held, the details of which are given in the Corporate Governance Report.
COMMITTEES OF THE BOARD
The Board has the following Committees:
The details on the number of Audit Committee Meetings, Stakeholders Relationship Committee meetings and Nomination and Remuneration Committee of the Company held during the year along with their constitution and other details are provided in the report on Corporate Governance.
During the year, all the recommendations of all the Committees were accepted by the Board.
BOARD EVALUATION
As per provision of Section 134(3) (p) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Board has carried out a performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its various Committees for the financial year 2023-24.
DECLARATION BY INDEPENDENT DIRECTORS
Non-Compliance in Respect of Independent Directors – FY 2023–24
Pursuant to the provisions of Section 149(7) of the Companies Act, 2013, every Independent Director is required to furnish a declaration confirming that he or she meets the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
However, Mr. Rajiv Bakshi and Ms. Jamuna, who were appointed as Independent Directors of the Company on 5th February 2024 and were holding office as on 31st March 2024, did not submit the requisite declarations of independence to the Company.
Further, in terms of the Companies (Appointment and Qualification of Directors) Rules, 2014, every Independent Director is required to register his/her name in the databank of Independent Directors maintained by the Indian Institute of Corporate Affairs (IICA) and also pass the online proficiency self-assessment test within the prescribed time period, unless exempted.
It is observed that both Mr. Rajiv Bakshi and Ms. Jamuna failed to:
Accordingly, the above requirements under the Act and the Rules remained non-complied with during their tenure.
Subsequent to the Extraordinary General Meeting (EGM) held for election of a new Board post January 2025, the Company has:
Indian Institute of Corporate Affairs (IICA).
FAMILIARISATION PROGRAMMES:
The Company has a familiarization programme for Independent Directors pursuant to Listing Regulations, 2015. The same is dealt with in the Annual Report. The Familiarization Programme is available in the website of the Company. The link for the same is given as
EXTRACT OF ANNUAL RETURN:
As required pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, copy of the Annual Return of the Company is available at companys website https:// binnylimited.in /
POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION
The Nomination and Remuneration Policy provides for appropriate composition of Executive, Non-Executive and Independent Directors on the Board of Directors of your Company along with criteria for appointment and remuneration including determination of qualifications, positive attributes, independence of Directors and other matters as provided under sub-section (3) of Section 178 of the Companies Act, 2013.
The remuneration paid to the Directors is as per the terms laid out in the Nomination and Remuneration Policy and as per the recommendations of Nomination and Remuneration Committee of the Company.
Information required under Section 197 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is set out in ANNEXURE-I
The Nomination and Remuneration policy is posted on the Companys website on the below link. https://binnylimited.in /
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions contained in Section 134(3)(c) of the Companies Act, 2013, the Board to the best of its knowledge and belief and according to the information and explanations obtained by it confirms that:
VIGIL MECHANISM AND WHISTLE BLOWER POLICY:
The Company has formulated and adopted a vigil mechanism for employees to report genuine concerns to the Chairman of the Audit Committee. The policy provides opportunity for employees to access in good faith, the Audit Committee, if they observe unethical and improper practices. The Whistle Blower Policy of the Company is available in the website of the Company. The link for the same is https://binnylimited.in /
AUDITORS AND AUDITORS REPORT:
M/s.Venkatesh & CO, Chartered Accountants, Chennai bearing Firm Registration No. 004636S were appointed as Statutory Auditors in casual vacancy to hold office up to the conclusion of the 55th Annual General Meeting of the Company on such remuneration of 25 lakhs, exclusive of applicable taxes thereon and out of pocket expenses.
As required under Regulation 33 of the Listing Regulations, they have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.
Statutory Auditors Report
Auditors Observation:
under this arrangement, the Company has recognised an impairment loss of 1819.21
lakhs after providing depreciation of 430.70 lakhs (for the FY 2022-23 and
2023-24). Consequently, we are unable to comment on the appropriateness with respect to
the settlement of these advances and the resultant impact on the accompanying standalone
financial result.
1,912 lakhs is receivable on account of
the same. Further the value of inventory includes the sum relating to the cost of this
land which is not ascertainable. In view of the above, we are unable to comment on the
completeness and appropriateness of the recognition of revenue, compliance with provisions
of Indian Accounting Standard 115. Further no confirmation of balance has been made
available to us, hence we are unable to comment on the correctness and recoverability of
the receivable balance in the accompanying standalone financial results.
Management response:
With respect to the Phase-I development and the revenue realizable therefrom, the valuers have taken into consideration the projected revenues that would accrue over the forthcoming years and have arrived at the valuation by discounting the future cash flows to their present value using the Discounted Cash Flow (DCF) method.
Accordingly, the figure of 30,000 lakhs has been arrived at based on the present value of the future revenues, duly discounted to todays value. Therefore, the correct comparison is between the present value figure of
11,911.45 lakhs and the gross projected figure of 30,000 lakhs, and not a direct comparison of 11,911.45 lakhs with 3,418.68 lakhs without considering the time value of money.
In light of the above, the valuation report clearly bases the settlement on the present value of future cash flows, and we have merely submitted the same as determined by the independent valuers.
2,918.05 lakhs along with simple interest at 24% per annum, aggregating to 6,061.05 lakhs. M/s RRB has issued a confirmation of balance for the principal amount by its letter dated 17th July 2021. Although the confirmation letter has crossed the limitation period, M/s RRB has consistently disclosed this liability to M/s Binny Limited in its audited financial statements, including for the year ended 31.03.2025. Such disclosures constitute a legal acknowledgment of debt and provide sufficient evidence in the on-going legal proceedings.
Management firmly believes that the entire outstanding amount of 2,918.05
lakhs is fully recoverable from M/s RRB.
290.44 lakhs recorded this year relate to expenses from prior
periods. The Company has relied on supporting records and approvals to confirm their
legitimacy. Management affirms that recognition of these expenses is appropriate and has
no adverse impact on the Companys financial position.
In any case, under the Reinstated and Second amended JDA 2025, the school asset has gone to the share of developer and the Company has no claim or rights on the revenue arising from the school operations.
As the Company is not covered under the ambit of Section 148 of the Companies Act, 2013 read with the Companies (Cost records and Audit) Rules, 2014, the requirement for maintenance of cost records and appointment of Cost Auditor does not arise.
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 Shri.Sarangi Rajib, Partner of RLA & ASSOCIATES, Practicing Company Secretary has been appointed as Secretarial Auditor of the Company to undertake the Secretarial Audit of the Company for the Financial Year 2023-24. The report of the Secretarial Auditor is enclosed as ANNEXURE II to this report.
Management Response to observations / remarks in Secretarial Audit Report 2023-24
Remarks/ Observations |
Management Response |
1. During the financial year 2023–24, the Company has not submitted its financial results and financial statements in XBRL format under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, under the ‘Integrated Financials section on the stock exchange portal. |
The Company has filed the financial results in XBRL format as per Regulations 33, however, it has not been filed under the Integrated Financial section of the Stock Exchange porta. The Company is streamlining all the financial results and statements in XBRL format under the Integrated Financial section on the Stock Exchange portal. |
2. The Company has not convened its Annual General Meetings on or before 30.09.2024. |
Due to legal disputes and SEBI Order dated July 31, 2024, there was complete vacuum in the Board during September 2024. As per the Honble Madras High Court Order dated November 11, 2024, a new Board was formed under the Court appointed Administrator Retd Justice Mr. M. Sathyanarayanan. Due to these legal issues, the Company was unable to conduct its AGM on or before Sept 30, 2024. |
3. During the year 2023-24, the Company had many litigations and a case has been filed with SEBI in the year 2021 for financial irregularities for the years from 2013-14 to 2020-21 which finally passed the order on 31st July 2024. So for the year 2023-24 Board of Directors were not duly constituted and the statutory committees which resulted in violation of SEBI (LODR) Regulations 2015. |
As per the Honble Madras High Court Order dated November 11, 2024, a new Board was formed under the Court appointed Administrator Retd Justice Mr. M. Sathyanarayanan on January 04, 2025. After the constitution of the new Board, there was a duly constituted Board in the Company and all statutory committees were formed. |
Details of delayed Stock Exchange filings during the year: |
|
a. Shareholding pattern for the quarter ended 31.12.2023 & 31.03.2024 filed after due date. |
Due to the Legal disputes the company was unable to ensure Compliance. The same will be regularised |
b. The Company has filed Unaudited Financial Results for the Quarter ended 30.06.2023 and 30.09.2023 after due date. |
Due to the Legal disputes the company was unable to ensure Compliance. The same will be regularised |
Management Response to observations remarks in Annual Secretarial Compliance Report 2023-24
|
Yes, but all information are not updated in website | The Company has not updated its website properly. | The Company is in the process of streamlining all Stock Exchange related compliances. A new website is already functional. |
|
|||
Regulation 27(2) are accurate and specific which redirects to the relevant document(s)/ section of the website. |
Reporting of fraud
The Auditors of the Company have not reported any fraud as specified under Section 143(12) of the Act, 2013.
CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION & ANALYSIS REPORT:
The Company has complied with requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A report on the Corporate Governance practices, the Auditors Certificate on compliance of mandatory requirements thereof is given as an annexure to the Report as ANNEXURE III.
Management Discussion and Analysis Report is presented in a separate section forming part of the Annual Report.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Loans, Guarantees and Investments covered under Section 186 of the Companies Act, 2013 form part of the Notes to the Financial Statements provided in this Annual Report.
RISK MANAGEMENT:
The company has formulated and laid down procedures about the risk assessment and risk management procedures. These procedures are periodically reviewed to ensure that risks are managed / mitigated through a well-defined framework.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY:
There are no material changes or commitments affecting the financial position of the Company, which have occurred between the end of the financial year of the Company, to which the financial statements relate and the date of the report.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
The particulars of every contract or arrangements entered into by the Company with related parties referred to in sub- section (1) of section 188 of the Companies Act, 2013 is disclosed in Form No. AOC- 2 as ANNEXURE-IV
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS:
The Company is maintaining adequate and effective Internal Financial Control (IFC) over Financial Reporting (FR) based on Guidance notes on Audit for Internal financial Control over financial reporting, for ensuring the orderly and efficient conduct of its business, including adherence to its policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information. Apart from Internal Auditors, who review all the financial transactions and operating systems, the Company has also in place adequate Internal Financial controls with reference to Financial Statements. During the year, such controls were tested and no reportable material weaknesses in the design or operation were observed.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information pertaining to conservation of energy, technology absorption, foreign exchange earnings and outgo as required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is as follows:
Conservation of Energy
1. |
The steps taken or impact on conservation of energy | During the year NIL |
2. |
The steps taken by the Company for utilizing alternate sources of energy | |
3. |
The capital investment on energy conservation equipment |
Technology Absorption
1. |
The efforts made towards technology absorption | During the year NIL |
2. |
The benefits derived like product improvement, cost reduction, product development or import substitution | |
3. |
In case of imported technology (imported during the last three years reckoned from the beginning of the financial year) (a) the details of technology imported, (b) the year of import, (c) whether the technology been fully absorbed, (d) if not fully absorbed, areas where absorption hasnt taken place, and the reasons thereof | |
4. |
The expenditure incurred on Research and Development |
Foreign Exchange Earnings and Outgo:
Foreign Exchange earned: Nil Foreign Exchange used: Nil
CORPORATE SOCIAL RESPONSIBILITY (CSR):
The Company has constituted the Corporate Social Responsibility Committee during the year to take decisions on CSR activities.
SCOPE OF CSR POLICY
This policy will apply to all projects/ programmes undertaken as part of the Companys Corporate Social Responsibility and will be developed, reviewed and updated periodically with reference to relevant changes in Corporate Governance, statutory requirements and sustainable and innovative practices. The policy will maintain compliance and alignment with the activities listed in Schedule VII and Section 135 of the Companies Act, 2013 and the rules framed there under.
CSR POLICY IMPLEMENTATION
The Company shall undertake CSR Project/ programmes identified by the CSR Committee and approved by the Board of Directors in line with the CSR policy.
The CSR Policy of the Company is uploaded in the website of the Company, https://binnylimited.in /
CSR ACTIVITIES
The Company is liable to spend a sum of 123 lakhs as per Section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility for the year ended 31st March 2024.
CHANGE IN NATURE OF BUSINESS
There has been no change of business during the financial year under review
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS IN FUTURE:
There are no significant and material orders passed by the regulators or courts or tribunals that may have an impact for the Company as a going concern and/or companys operations.
DISCLOSURE IN TERMS OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has no women employees; hence the POSH Act is not applicable to it as on that date.
During the year under review, the company has not filed any cases /received any Complaints of Sexual Harassment under the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013.
ACKNOWLEDGEMENT
The Directors acknowledge the cooperation and assistance extended by the Government of India and Government of Tamil Nadu and place on record their appreciation and gratitude to them.
The Directors also thank the shareholders, employees and all other stakeholders of the Company for their continued support and cooperation.
ON BEHALF OF THE BOARD
For BINNY LIMITED
Chennai SATHYANARAYANAN BALAKRISHNAN
Date: 04th December 2025 Whole Time Director
DIN: 06620068
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