Sangal Papers received a rectification order from the Income Tax Department regarding Assessment Year 2025-26, leading to a tax demand of ₹14.67 lakh. The company confirmed that the financial impact is capped at this amount.

The order was issued under Section 154 of the Income Tax Act, 1961, by the Centralized Processing Center (CPC). It was dated September 24, 2026, and relates to the company's return filed for the previous financial year.

Order Details and Context

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company stated there was no delay in making this public announcement.

The rectification arose after Sangal Papers submitted a request on September 9, 2026, citing apparent mistakes in the initial intimation issued under Section 143(1) of the Act. The original intimation was processed on April 6, 2026.

Operational Implications

Sangal Papers noted that the violation or contravention alleged resulted specifically in the demand of ₹14.67 lakh for A.Y. 2025-26. The company stated that the impact on its financial, operational, or other activities is quantifiable at this maximum amount only.

The ITR form type filed was ITR6, with a due date of October 31, 2025, which was extended to December 10, 2025. The return was filed on October 29, 2025.

Sangal Papers Limited concluded its 46th Annual General Meeting (AGM) held on September 23, 2026, with all four agenda items approved by shareholders. The meeting was conducted entirely through Video Conferencing (VC) and Other Audio Visual Means (OAVM), in compliance with regulatory guidelines.

The voting results indicated strong shareholder support for the proposed actions. Out of 7,981 members on the record date, 47 shareholders attended the virtual meeting. The combined votes from remote e-voting and live e-voting during the session resulted in the passage of every resolution with a requisite majority.

Resolutions adopted

The shareholders unanimously supported the adoption of the audited standalone financial statements for the year ended March 31, 2026. Additionally, two directors retiring by rotation were re-appointed for continued service. The board also ratified the remuneration of the cost auditors.

Director profiles and shareholding

The re-appointed directors bring specific expertise to the board. Tanmay Sangal, a post graduate in Management (Finance), holds 45,731 shares in the company and is the son of Managing Director Himanshu Sangal. Vinayak Sangal, a Mechanical Engineer and MBA in Operations, holds 14,487 shares in the promoter category and is the son of Whole Time Director and CFO Amit Sangal. Both directors were confirmed as not debarred from holding office by SEBI or any other authority.

Voting participation details

The meeting saw participation from both promoter and public shareholders. A total of 49 members cast their votes through remote e-voting prior to the meeting, while 11 members voted live during the AGM session. The total number of valid votes polled across all resolutions was 521,139.

Shareholder attendance breakdown

• Promoters: 9 attendees via video conferencing
• Public: 38 attendees via video conferencing
• Total Attendees: 47

What the numbers show

A close examination of the voting data reveals that while promoter group holdings constitute a significant portion of the shareholding, public shareholder engagement remains low relative to the total number of registered members. Of the 791,218 shares held by public non-institutional investors, only 5,097 shares were voted upon, representing approximately 0.64% of their holding. This suggests that the outcome of the AGM was largely determined by the promoter group's unanimous support, with minimal dissent or active participation from the broader public shareholder base.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE384D01022/9f0df459-f1f3-4a31-9b7c-fbb69a15e189.pdf