Lamosaic India Limited ( Lamosaic India ) shareholders delivered near-unanimous support for key governance changes and strategic diversification at its third Annual General Meeting held on July 24, 2026. The resolutions included the appointment of Sukhdev Singh as Chairman and Managing Director (CMD), a five-fold increase in authorized share capital to ₹61 crore, and a formal expansion into the textile manufacturing and trading sector. Voting results filed with the National Stock Exchange of India Limited show that 49.75% of outstanding shares were polled, with the promoter group holding 4,141,208 shares casting all votes in favor of every resolution.

The meeting, conducted via video conferencing, saw 21 shareholders participate directly, while remote e-voting remained open from July 21 to July 23, 2026. The record date for voting rights was July 17, 2026, with 2,434 shareholders on record. CS Parbat Chaudhari of P V Chaudhari & Associates served as the independent scrutinizer, confirming compliance with Section 108 of the Companies Act, 2013 and Regulation 44 of the SEBI LODR Regulations, 2015. All eight resolutions were passed with the requisite majority.

Voting Results by Resolution

Sukhdev Singh, who brings over six years of experience from Indiabulls Venture Limited, Cholamandalam Investment and Finance Company Limited, and Unity Small Finance Bank Limited, assumes the role effective June 29, 2026. His appointment consolidates leadership under a single executive, enabled by the alteration to Clause 165A of the Articles of Association. Jitesh Khushalchand Mamaniya, Executive Director and Chief Financial Officer, was re-appointed after retiring by rotation, with his remuneration structure also receiving full shareholder approval.

Strategic Implications

The insertion of a new main object clause in the Memorandum of Association permits Lamosaic India to engage in manufacturing, processing, spinning, weaving, dyeing, printing, and trading of textiles and garments. This diversification is supported by the increased authorized capital, which provides financial flexibility for future equity raises without immediate regulatory hurdles. The shift of the registered office from Pune to Mumbai I aligns with the company’s operational focus on Maharashtra’s financial hub.

What the Numbers Show

The overwhelming support for governance changes signals strong confidence in the new leadership structure. Notably, only 600 votes (0.01%) were cast against the capital increase and office shift resolutions, both originating from public non-institutional investors. With promoters holding 40% of the equity and voting uniformly in favor, the company maintains stable control while expanding its operational scope into the textile industry.

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.