Digjam Limited has informed revised details to the the Exchange regarding Appointment of Mr Ruchit Bharat Patel as Non- Executive Director Non- Independent of the company w.e.f. Jun 29, 2025.
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Digjam's board, at its June 29, 2025 meeting, accepted the resignation of Mr. Parashiva Murthy B S as Director, citing personal reasons, and appointed Mr. Ruchit Bharat Patel as an Additional Non-Executive, Non-Independent Director. Mr. Ruchit is the brother of Mr. Hardik Bharat Patel, the company's Whole-time Director, making it a promoter-family board addition. The board also approved a Scheme of Arrangement to demerge the textile business of Reid & Taylor International Private Limited (RTIL) into Digjam, with an appointed date of July 1, 2025. The demerged textile undertaking had a turnover of about ₹48,881 lakhs, roughly 26.86 times Digjam's standalone turnover. Shareholders of RTIL will receive 46,481 Digjam equity shares for every 100 RTIL shares, leading to the issuance of about 7.13 crore new shares, with promoter holding moving marginally from 75% to 74.97%.
The demerger is a transformative event — Digjam is absorbing a business that is over 26 times its current turnover, which could materially scale up operations and revenue, subject to NCLT, SEBI, and shareholder approvals. The entry of a promoter-family director (brother of the existing Executive Director) reinforces family control and is a governance point investors should note.