Ramasigns Industries Limited , a company listed on the Indian stock market, has announced a significant change in its board composition. Sunanda Prashaant Shah has tendered her resignation from her position as an Independent Director of the company, effective immediately.

Reasons for Resignation

According to the resignation letter submitted by Shah, the primary reasons for her departure are:

1. Preoccupation with other commitments
2. Inability to dedicate adequate time to the company's affairs

Shah emphasized that there are no other material reasons for her resignation beyond those mentioned above.

Gratitude and Well Wishes

In her resignation letter, Shah expressed her gratitude to the Board of Directors and the entire management team for their support during her tenure as an Independent Director. She also conveyed her wholehearted wishes for the continued success and prosperity of Ramasigns Industries Limited.

Additional Details

The resignation letter was addressed to the Board of Directors at the company's registered office in Goregaon (West), Mumbai. Shah's correspondence address is listed as Plot No. 419, Ann Villa Society, N.P. Thakkar Road, Vile Parle (East), Mumbai - 400057.

Other Directorships

Importantly, Shah confirmed that she does not hold any other directorships in any companies or board committees. This information was explicitly stated in the directorship details section of her resignation letter, where 'NIL' was entered for all fields.

Next Steps

The company is expected to acknowledge the receipt of Shah's resignation letter and submit the necessary forms with the office of the Registrar of Companies to update their records.

This development marks a change in the governance structure of Ramasigns Industries Limited. The company may now begin the process of identifying and appointing a new Independent Director to fill the vacancy left by Shah's departure.

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.