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.

Vinod Juthalal Visaria, a promoter of Lamosaic India Limited , has reduced his shareholding by 7.02% through the sale of 7,26,000 equity shares on July 6, 2026. The transactions were executed via the open market on the National Stock Exchange of India Limited. Following the sale, Visaria's holding in the company stands at 27,17,766 equity shares, representing 26.29% of the total share capital.

The disclosures were submitted to the exchange in compliance with Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 2011, and Regulation 7(2) of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. The company's total equity share capital remains at 1,03,38,008 shares with a face value of ₹10 per share.

Shareholding Details

The table below outlines the changes in Visaria's shareholding:

Transaction Breakdown

The sales were conducted in multiple tranches on the same date. The transaction values for the individual trades ranged from ₹12,30,000 to ₹12,36,000 per tranche of 30,000 shares, with the final tranche comprising 6,000 shares valued at ₹2,47,200. All trades were executed on the NSE.