Binny mills has submitted its secretarial compliance report for the financial year ended March 31, 2024, under Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report, conducted by practicing company secretary Rajiblochan Sarangi of RLS & Associates, reveals several compliance violations and regulatory challenges faced by the textile company during the review period.

Regulatory Violations and Board Constitution Issues

The report highlights significant governance challenges during FY24. The company experienced multiple litigations and faced a SEBI case filed in 2021 concerning financial irregularities for the years 2013-14 to 2020-21. This case culminated in a SEBI order dated July 31, 2024. These issues resulted in the Board of Directors not being duly constituted during 2023-24, along with improper formation of statutory committees, leading to violations of SEBI (LODR) Regulations 2015.

Financial Penalties and Delayed Submissions

Binny Limited incurred substantial penalties from BSE for delayed regulatory filings during the review period:

The report also notes that shareholding patterns for quarters ended December 31, 2023, and March 31, 2024, were filed after the due dates.

SEBI Actions and Market Restrictions

SEBI has taken significant enforcement action against the company under sections 11(4A) and 11B(2) read with sections 15HA and 15HB of the SEBI Act. The regulatory action includes:

• Imposition of penalties on the company, promoters, directors, and CFO
• Two-year ban from accessing securities markets from July 31, 2024
• Prohibition from buying, selling, or dealing in securities directly or indirectly
• Restriction from association with any listed company or SEBI registered intermediary as director or key managerial person

Compliance Status and Observations

Despite the violations, the report indicates compliance in several areas:

However, the company's website was not properly updated with all required information, and financial results for FY24 were not submitted in XBRL format as required under Regulation 33.

Additional Non-Compliance Issues

The report identifies two additional significant non-compliance matters:

• Financial results and statements for FY24 were not submitted in XBRL format under the 'Integrated Financials' section on the stock exchange portal
• The company failed to convene its Annual General Meeting by the September 30, 2024 deadline

Subsidiary Information

Binny Limited has one subsidiary, Binny New Re Energy Limited, which has yet to commence business operations. The subsidiary was classified as non-material for disclosure purposes.

The secretarial compliance report emphasizes that since the company's securities were not listed as of March 31, 2024, the entity was not technically required to obtain this report. However, it was submitted as a matter of prudence following the prescribed format under SEBI regulations.

Binny Mills Limited , a textile and investment property company, has reported a net loss of Rs 266.08 crore for the quarter ended September 30, 2025 (Q2 FY26), according to its latest financial results. This marks a significant improvement from the Rs 461.87 crore loss reported in the same period last year, indicating some progress in the company's financial performance.

Key Financial Highlights

Revenue and Operational Performance

The company's revenue from operations for Q2 FY26 stood at Rs 155.99 crore. A year-on-year comparison is not available in the provided data.

Financial Strain and Costs

Despite the reduction in net loss, Binny Mills continues to face significant financial challenges. The company's finance costs for the quarter were substantial at Rs 316.60 crore, which likely contributed to the overall loss. This high level of finance costs suggests that the company is dealing with considerable debt or other financial obligations.

Earnings Per Share

The earnings per share (EPS) for Q2 FY26 was reported at negative Rs 10.30, reflecting the impact of the net loss on shareholder value.

Segment Operations

Binny Mills Limited operates in two main segments:

1. Textiles
2. Investment Property

Specific segment-wise performance details were not provided in the available data.

Balance Sheet Overview

As of September 30, 2025, Binny Mills reported:

• Total Assets: Rs 41,301.61 lakh
• Total Equity: Rs -23,423.11 lakh (negative equity)
• Non-current Liabilities: Rs 14,069.73 lakh
• Current Liabilities: Rs 50,655.02 lakh

The negative equity position indicates that the company's liabilities exceed its assets, which is a concern for its financial stability.

Outlook and Challenges

While the reduction in net loss compared to the previous year is a positive sign, Binny Mills still faces significant challenges:

1. High finance costs continue to strain the company's profitability.
2. The negative equity position suggests ongoing financial distress.
3. The company needs to focus on improving its operational performance and reducing its debt burden to achieve sustainable profitability.

Investors and stakeholders will likely be closely watching Binny Mills' future quarters to see if the company can continue to reduce its losses and improve its financial position.