Bannari Amman Spinning Mills Limited — Important, 26-12-2024: Disclosure of material issue

The company is facing a significant issue regarding the refusal of mortgage registration by the Sub-Registrar, Dharapuram, for specific lands associated with its weaving unit. This decision cites certain entries in departmental records despite the company having a sale deed, existing mortgages for its lenders, and confirmed clear title opinions. The company has possessed these lands since 2006 without interruption. It is currently evaluating options, including the possibility of appealing to a higher authority or filing a writ petition. This development may pose risks to the company's operations, warranting close observation by stakeholders.