Binny and Co suffered heavily from the crash of the bank Arbuthnot & Co on 22 October 1906. India's independence on 15 August 1947 further crippled the fortunes of the company. The Buckingham and Carnatic Mills, the company's only venture that was still successful, began to decline by the 1970s. The mills closed down their operations in 1996 and the mills were sold out in 2001.
