Ramasigns Industries Limited (formerly known as Rammaica India Limited) held a significant board meeting on August 14, making several key decisions that will shape the company's future governance and financial reporting structure.

Financial Results Approval

The board approved the unaudited standalone financial results for the quarter ended June 30. This approval marks an important step in the company's financial reporting process, providing stakeholders with insights into its performance for the first quarter of the fiscal year.

New Appointments and Resignations

Appointment of Secretarial Auditor

In a move to strengthen its corporate governance, the board appointed M/s Pooja Gandhi & Co as the company's Secretarial Auditor. The appointment is for a five-year term, spanning from FY 2025-26 to FY 2029-30, subject to approval by the company's members at the upcoming Annual General Meeting. M/s Pooja Gandhi & Co is a peer-reviewed firm based in Mumbai, specializing in corporate laws, securities laws, foreign exchange management laws, and tax laws.

New Independent Director

The board also appointed Bipin Sikligar (DIN: 11242214) as an Additional Non-Executive Independent Director. Sikligar, a 69-year-old commerce graduate, brings valuable experience in management and administration to the board. His appointment is for a five-year term, subject to shareholder approval at the ensuing Annual General Meeting.

Director Resignation

Prashaant Manoharlal Jain (DIN: 08463864) resigned from his position as an Independent Director, citing preoccupation and inability to dedicate adequate time to the company. Consequently, Jain also stepped down from his roles in the Audit Committee, Nomination and Remuneration Committee, and Stakeholder Relationship Committee.

Meeting Details

The board meeting commenced at 2:30 PM and concluded at 4:15 PM, during which these significant decisions were made.

Pankaj Hasmukhlal Jobalia, the Chairman and Managing Director of Ramasigns Industries Limited, signed off on these decisions, marking a day of important transitions for the company. These changes are expected to influence the company's governance structure and potentially its strategic direction in the coming years.

Shareholders and investors will be keenly watching how these new appointments and the latest financial results will impact the company's performance and market position in the near future.

Ramasigns Industries Limited , a company listed on the BSE, has failed to meet its financial obligation on its Unsecured Redeemable Non-Convertible Debentures (NCDs). The company was due to make a payment of Rs 19,15,500 on July 31, 2025, but has reported no payment against this obligation.

Default Details

The NCDs in question are listed on the BSE Debt Segment under the ISIN INE650D08013 and were issued through private placement. According to the company's disclosure, this was supposed to be a part payment of interest and principal. However, the actual payment made was nil.

Official Disclosure

In an official intimation to the BSE, as required under Regulations 30 and 57(1) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Ramasigns Industries provided the following details:

The company was expected to make a total payment of Rs 19,15,500 on the due date.

Company Background

Ramasigns Industries Limited, formerly known as Rammaica India Limited, is registered with CIN: L36100MH1981PLC024162. The company's registered office is located in Goregaon (West), Mumbai.

Implications

This default raises concerns about Ramasigns Industries' financial health and its ability to meet its debt obligations. Investors and stakeholders will likely be watching closely for any further updates or explanations from the company regarding this missed payment and its plans to address the situation.

The company's failure to make even a partial payment on the due date may impact its creditworthiness and could potentially affect its ability to raise funds in the future. It remains to be seen how this default will influence the company's relationship with its debenture holders and other creditors.

Investors and market participants are advised to keep a close eye on any further developments or announcements from Ramasigns Industries Limited regarding this matter.