Signatureglobal (India) Limited, a prominent player in the Indian real estate sector, has taken a significant step to enhance its corporate governance structure. The company recently announced the approval of an amendment to its Articles of Association, allowing for the appointment of Nominee Directors upon request from Debenture Trustees.

Key Amendment Details

The alteration, approved through a special resolution passed by postal ballot, introduces Article 98A to the company's Articles of Association. This new provision empowers the Board of Directors to appoint a Nominee Director when requested by Debenture Trustees, aligning with the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993.

Voting Results

The resolution to alter the Articles of Association received overwhelming support from shareholders. According to the scrutinizer's report:

This strong endorsement demonstrates shareholders' confidence in the company's decision to enhance its governance framework.

Implications for Corporate Governance

The inclusion of Article 98A is a strategic move that could potentially strengthen Signatureglobal's relationship with its debenture holders. By allowing for the appointment of Nominee Directors, the company is providing an additional layer of oversight and representation for debenture trustees, which may enhance transparency and trust in its financial operations.

Additional Resolutions Passed

In addition to the Articles of Association amendment, Signatureglobal's shareholders also approved three other special resolutions through the same postal ballot process:

1. An increase in the company's borrowing limit under Section 180(1)(c) of the Companies Act, 2013
2. Approval for the creation of charges on the company's movable and immovable properties in respect of borrowings
3. Authorization to raise funds through the issuance of Secured Listed Redeemable Non-Convertible Debentures (NCDs)

These resolutions suggest that Signatureglobal is positioning itself for potential expansion or refinancing activities in the future.

Conclusion

The amendment to Signatureglobal's Articles of Association, along with the other approved resolutions, indicates the company's commitment to robust corporate governance and financial flexibility. As the real estate sector continues to evolve, such measures may help Signatureglobal maintain investor confidence and adapt to changing market conditions.

Investors and stakeholders can access the updated Articles of Association on the company's official website at www.signatureglobal.in .

Signatureglobal India Ltd, a prominent player in the real estate sector, has announced ambitious plans to launch housing projects worth Rs 6,000 crore in Gurugram during the current quarter. This move comes despite a recent decline in sales bookings for the company.

Expansion Plans

The company aims to develop 3.5-4 million square feet of space in Gurugram, showcasing its commitment to growth in the region. Signatureglobal's Chairman, Pradeep Kumar Aggarwal, highlighted strong demand in the Rs 2-4 crore category, dismissing concerns about a potential housing market bubble in the area.

Recent Performance

Signatureglobal has established itself as a significant player in the real estate market:

• Ranked as the fifth-largest listed real estate firm in terms of sales bookings
• Achieved record pre-sales of Rs 10,290.00 crore in the previous fiscal year

However, the company faced some challenges in the recent quarter:

• Sales bookings declined by 15% to Rs 2,640.00 crore in the June quarter, compared to Rs 3,120.00 crore in the same period last year
• Unit sales dropped to 778 homes from 968 units year-over-year

Financial Targets and Strategies

Despite the recent dip in sales, Signatureglobal remains optimistic about its future:

• Maintains its target to sell Rs 12,500.00 crore worth of homes this fiscal year
• Plans to raise Rs 875.00 crore through non-convertible debentures

Financial Performance

The company reported significant improvements in its financial results for the last fiscal year:

Market Outlook

Chairman Pradeep Kumar Aggarwal expressed confidence in the Gurugram real estate market, noting strong demand particularly in the Rs 2-4 crore segment. This optimism underpins the company's substantial investment plans in the region.

Signatureglobal's ambitious launch plans, coupled with its strong financial performance last fiscal year, suggest a strategic push to capitalize on perceived market opportunities despite recent sales challenges. The real estate sector will be watching closely to see how these plans unfold in the coming months.