Ramsons Projects Limited, a company listed on the Bombay Stock Exchange (BSE: 530925), has announced significant corporate changes and received regulatory approval for its transition away from the Non-Banking Financial Company (NBFC) status.

Changes in Internal Audit Leadership

The company has undergone a change in its internal audit leadership. Mr. Aman Bajaj, who had been serving as the Internal Auditor, submitted his resignation on October 15, 2025. The Board of Directors, at its meeting on the same day, accepted Mr. Bajaj's resignation, which was attributed to personal circumstances and other commitments preventing him from dedicating sufficient time to the company's affairs.

Simultaneously, the Board approved the appointment of Mr. Piyush Rampuria as the new Internal Auditor. Mr. Rampuria, a Chartered Accountant with membership number 466335, brings extensive experience in audit, assurance, and internal control systems to the role. His appointment is effective from October 15, 2025, for the period from April 1, 2025, to March 31, 2026.

RBI Approval for NBFC License Surrender

In a significant development for the company's business structure, Ramsons Projects Limited received approval from the Reserve Bank of India (RBI) for the voluntary surrender of its Non-Banking Financial Company registration certificate. The RBI's approval, dated September 17, 2025, paves the way for implementing amendments to the company's Memorandum and Articles of Association that were previously approved by shareholders at the Annual General Meeting held on June 19, 2025.

Amendments to Memorandum of Association

Following the RBI's approval, the company has adopted a new set of Memorandum of Association (MoA) and Articles of Association (AoA) in accordance with the Companies Act, 2013. The main objects clause in the MoA has been significantly altered to reflect the company's new business focus. The key changes include:

1. Expansion into real estate development and construction
2. Involvement in infrastructure projects
3. Manufacturing and trading of building materials
4. Potential entry into healthcare services
5. Engagement in import-export and trading activities

These amendments signal a strategic shift in the company's business model, moving away from its previous NBFC operations towards a more diversified portfolio centered on real estate and infrastructure development.

Corporate Governance and Compliance

The company has emphasized its commitment to corporate governance and regulatory compliance throughout this transition process. The Board meeting that approved these changes was held on October 15, 2025, from 4:30 PM to 6:00 PM, with the company promptly filing the revised outcome to address an inadvertent clerical error in the initial filing.

Ramsons Projects Limited's move to surrender its NBFC license and diversify its business activities represents a significant strategic shift. Investors and stakeholders will likely be watching closely to see how the company executes its new business plans in the real estate and infrastructure sectors.

Note: This article is based on the corporate announcement made by Ramsons Projects Limited and does not constitute financial advice. Investors should conduct their own research and consult with financial advisors before making investment decisions.

Ramsons Projects Limited , a company undergoing significant structural changes, has announced key developments in its corporate governance and business focus. The company's Board of Directors, in a meeting held on October 15, 2025, approved several important matters that signal a shift in its operational direction.

New Internal Auditor Appointment

The company has appointed Mr. Piyush Rampuria as its new Internal Auditor, effective September 1, 2025. This appointment follows the resignation of Mr. Aman Bajaj from the same position on August 30, 2025. Mr. Bajaj cited preoccupation with other assignments as the reason for his departure.

Mr. Rampuria, a Chartered Accountant and member of The Institute of Chartered Accountants of India, brings extensive experience in audit, assurance, and internal control systems to his new role. His appointment is initially set for the period from September 1, 2025, to March 31, 2026, with the possibility of extension on mutually agreed terms.

RBI Approval and Business Restructuring

In a significant move, Ramsons Projects received approval from the Reserve Bank of India (RBI) on September 17, 2025, for the voluntary surrender of its Non-Banking Financial Company (NBFC) registration. This approval paves the way for the implementation of amendments to the company's Memorandum and Articles of Association, which were previously approved by shareholders at the Annual General Meeting held on June 19, 2025.

The key changes include:

1. Adoption of a new Memorandum of Association aligned with the Companies Act, 2013.
2. Alteration of the Main Objects Clause, signaling a shift in the company's primary business focus.
3. Adoption of a new set of Articles of Association.

Revised Business Focus

The amended Main Objects Clause in the Memorandum of Association reveals a significant pivot in Ramsons Projects' business strategy. The company's focus has shifted towards:

1. Real estate development and construction
2. Infrastructure development
3. Healthcare services
4. Trading activities

This diversification represents a substantial change from the company's previous operations as an NBFC.

Industrial Activity Code Change

In line with its revised objectives, Ramsons Projects has also changed its Industrial Activity Code. This administrative change aligns the company's official classification with its new business direction.

These developments mark a transformative period for Ramsons Projects Limited as it moves away from its NBFC status and embraces a more diversified business model focused on real estate, infrastructure, healthcare, and trading activities. The appointment of a new Internal Auditor also underscores the company's commitment to maintaining robust internal controls during this transition phase.