Binny Mill Land (Next to City Railway Station) - Who owns it ?

386 users have liked.
Commuter Rail

For past few years, every now and then we come across news about Railways and Binny Mill land next to it. News always is about railways claiming to acquire the Binny Mill Land through state government. State govt also is reported to have agreed to transfer some land to railways. The recent news about swap of land between railways and GOK to build the 8-lane road to connect Okhalipuran and Khoday's Circle has now once again brought the Binny mIll land controversy in forefront.

About few weeks back, our dear friend and prominent praja member Naveen Chandra spent some time digging into this issue. What he has discovered is, it is not clear as to who owns it as there are litigation in courts claiming employee wages, there is development planned by ETA properties and the claims that GOK and railways have made. At the end of the day, not very clear about this land, ownership and how govt can acquire it, if it decides to.

Importance of Binny Mill Land is very significant. It is absolutely necessary to expand the railway operations at City Railway station and now it has become critical for implementation of Commuter Rail Service in Bangalore. Only by going through the 2012 RITES report on CRS would be able gauge the importance of this land.

Here is the location of that land. (For Understanding purposes only)

Courtesy - ETA Star Properties

While digging some information on internet for this land, I came across this news report:

Source - Economic Times

Binny promoters to separate, manage 3 different entities - (ET Bureau Mar 22, 2010)

CHENNAI: The three promoters of Century old Binny- M Ethurajan, M Nandagopal and V R Venkatachalam, have decided to part ways amicably. They will manage three different entities arising out of the demerger of Binny, which is listed on stock exchanges. They acquired Binny in 1987 when the sick company with its cotton and silk mills in Chennai and Bangalore was at the peak of its crisis. Sources close to them said they would have infused nearly Rs 300 crore over the years as a part of the revival effort.

At the recently held EGM, convened by Madras High Court, shareholders approved the scheme of arrangement and de-merger of Binny for creating two new entities, Binny Mills and S V Global Mill, which will seek listing in the exchanges later. The scheme will take effect once the HC gave its final approval.

As per the scheme, S V Global Bill will go to M Ethurajan, ( now executive chairman of Binny) and his son M E Shanmugam, Binny Mills to V R Venkatachalam ( son of late N P V Ramaswamy Udayar) and the existing Binny Ltd to M Nandagopal, who is brother of Ethurajan.

S V Global will get Binny's prime properties in Chennai( Armanian street HQ on two acres, 1.44 acres Waterside west house at Boat club), 28 acres near Bangalore railway station besides Binny Engineering in Chennai and the lands near the city. Ethurajan family also manages closely held Thirumgal Mills and S V Sugars.

Request - Any help with finding the real owners and the current status of this land is highly appreciated.

Groups: comment guidelines

Posting Guidelines apply for comments as well. No foul language, hate mongering or personal attacks. If criticizing third person or an authority, you must be fact based, as constructive as possible, and use gentle words. Avoid going off-topic no matter how nice your comment is. Moderators reserve the right to either edit or simply delete comments that don't meet these guidelines. If you are nice enough to realize you violated the guidelines, please save Moderators some time by editing and fixing yourself. Thanks!