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.