Lamosaic India Limited ( Lamosaic India ) shareholders approved the appointment of Sukhdev Singh as Chairman and Managing Director, alongside a significant increase in authorized share capital to ₹61 crore, during its third Annual General Meeting held on July 24, 2026. The resolutions also included the re-appointment of Jitesh Khushalchand Mamaniya as director, the alteration of the Articles of Association to allow a single individual to hold both Chairman and Managing Director roles, and the insertion of a new main object clause permitting the company to engage in the textile and garment industry. These strategic governance and operational changes signal the company’s intent to expand its business scope while consolidating leadership under a single executive.

The Board of Directors confirmed that neither Singh nor Mamaniya is debarred from holding office by any SEBI order or statutory authority. The appointments and alterations were disclosed pursuant to Regulation 30 of the SEBI LODR Regulations, 2015, read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. Additionally, the company approved the shifting of its registered office from the jurisdiction of the Registrar of Companies, Pune, to the Registrar of Companies, Mumbai I, within Maharashtra.

Key Resolutions Approved

Sukhdev Singh brings over six years of experience in banking and financial services, having served at Indiabulls Venture Limited, Cholamandalam Investment and Finance Company Limited, and Unity Small Finance Bank Limited. His expertise spans retail banking, lending, collections, and operational management. Jitesh Khushalchand Mamaniya, who serves as Executive Director and Chief Financial Officer, will continue in his role with his remuneration structure approved by shareholders.

Strategic Implications

The insertion of the new main object clause in the Memorandum of Association marks a potential diversification into the textile sector, covering manufacturing, processing, spinning, weaving, dyeing, printing, and trading of textiles and garments. This expansion is supported by the five-fold increase in authorized share capital from ₹11 crore to ₹61 crore, providing the company with greater financial flexibility to fund new ventures or raise equity without immediate regulatory hurdles for capital increases. The consolidation of the Chairman and Managing Director roles under Singh may streamline decision-making processes, aligning with common practices in mid-cap Indian firms seeking agile leadership structures.

Lamosaic India received a show cause notice from the Directorate General of Goods and Services Tax Intelligence (DGGI), Pune Zonal Unit, alleging inadmissible Input Tax Credit (ITC) of Rs 32.12 Cr for the period from July 2023 to June 2025. The notice, received via email on July 10, 2026, demands an explanation why appropriate demand and penalty under the Central Goods and Services Tax Act, 2017 should not be initiated. The company is currently evaluating the implications, and the financial impact remains unascertained.

The DGGI has alleged two specific contraventions regarding ITC. The first concerns inadmissible ITC availed and utilised amounting to Rs 32,11,82,822. The second allegation relates to inadmissible ITC passed to recipients, which totals Rs 32,80,76,438. The authority has called upon the company to show cause why these amounts should not be recovered along with applicable penalties.

Regulatory Disclosure

The disclosure was made to the National Stock Exchange of India Limited in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Jitesh Khushalchand Mamaniya, Director and Chief Financial Officer, confirmed the details provided in the filing were true and correct to the best of his knowledge.

Company Response

Lamosaic India has stated that it is in the process of reviewing the show cause notice. The company is consulting with its legal and tax advisors to understand the full scope of the allegations. It intends to file a detailed reply before the competent authority within the prescribed timelines.

The following table outlines the key details of the notice and the alleged amounts:

No penalty, restriction, or sanction has been imposed as of the date of the disclosure. The company affirmed that it will take all necessary legal and procedural actions in accordance with applicable laws to address the notice.