Ramco Systems Ltd, a software products and services provider, has informed the BSE that two of its non-executive directors—S.S. Ramachandra Raja and N.K. Shrikantan Raja—have resigned as on 13 August.

They resigned to comply with provisions of the listing agreement—to be effective from 1 October—regarding the composition of the board of directors.

As per the listing agreement, Ramco is expected to have an equal number of independent and non-independent directors, the company said. After the resignation of these two non-executive directors (who were not independent directors), the firm has six directors in total—three independent and three non-independent directors.

Shares of Ramco Systems closed down 4.99% at 361.45, while the benchmark Sensex rose 0.15% to 25,918.95 points.

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