Binny Ltd updates on dispute with SPR Construction Pvt Ltd

Binny Ltd has announced updates on ongoing dispute with SPR. Construction P Ltd. Joint Developer of Perambur property belonging to Company:

a. The matter is at present before the Panel of Arbitrators formed by the High Cowrt of Madras.

b. Arbitration proceedings are going on. In the meanwhile High Court did appoint an independent auditor in M/s B Subramanian & Ce, LLP , Chartered Accountants, Chenami to andit the books of accounts of SPR. and amve at the amount payable to Bony Ltd per the Jomt Development Agreement. Audit is going on and they are expected to submit their report shortly.

c. Still Binny is not getting the required information from SPR and that being the only source of income, Binny is not able to pass any entries in its books and complete its accounts closure. As a result, unaudited results publishing for Q4 FY 23, Q1 FY 24. Q2 FY 24 are all pending. Also statutory andit for FY 2022-23 1s pending.

d. Binny has given corporate guarantee for the loan taken by SPR originally intended for development. But SPR had filed the loan outstanding statement before the High Cowt and they have also got default notice from Lenders. Binny Ltd is responsible as a corporate guarantor against the loan per the terms and conditions of the loan agreement. Binny will cover this in the annual report as needed per the compliance.

Shares of BINNY LTD. was last trading in BSE at Rs. 258.80 as compared to the previous close of Rs. 267.25. The total number of shares traded during the day was 9344 in over 174 trades.

The stock hit an intraday high of Rs. 265.15 and intraday low of 252.65. The net turnover during the day was Rs. 2437018.00.

Source : Equity Bulls

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BINNY INE118K01011 Dispute SPRConstruction