Promoters of Thomas Scott India Limited pledged a total of 3,52,025 equity shares to Bang Overseas Limited. The encumbrance was created on September 1, 2026, and disclosed on September 9, 2026.

The pledge covers the entire holding of promoter Laxminiwas Bang and his wife, Pushpadevi Laxminiwas Bang. The shares were encumbered as security.

Disclosure Details

The disclosure was made under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing was submitted to the Bombay Stock Exchange and the National Stock Exchange of India Limited.

Laxminiwas Bang holds 3,51,650 shares, representing 2.4% of the total share capital. Prior to this event, no shares held by him were encumbered. Following the creation of the pledge, his entire holding is now encumbered in favor of Bang Overseas Limited.

Pushpadevi Laxminiwas Bang holds 375 shares, which constitutes 0.0% of the total share capital. Her entire holding was also pledged as security to Bang Overseas Limited.

Promoter Group Structure

The disclosure lists Persons Acting in Concert (PAC) with the promoters. The PAC group holds a combined stake of 49.85% in the company. No changes were reported in the PAC holdings during this period.

The PAC group includes family members such as Shobha Bang, Madhu Suman Bang, Kamal Nayan Bang, Girdhar Gopal Bang, Rajgopal Bang, Krishna Kumar Bang, Nandgopal Bang, Ramanuj Das Bang, Arvind Kumar Bang, Purushottam Bang, Sharad Kumar Bang, Rangath Shivnarayan Bang, Varadraj Rangath Bang, Kantadev Bang, Vasudev Rangath Bang, Pushpadevi Rangath Bang, Narayan Das Bang, Brijgopal Bang, Akshita Shrivardhan Bang, Vedant Bang, Balaram Bang, Sampatkumar Bang, Radhadevi Bang, Rekha Bang, Venugopal Bang, Ashmi Jiten Shah, Avisha Jiten Shah, Tupti Jiten Shah, Jiten Raichand Shah, Taradevi Bang, Raghavendra Vengopal Bang, Vandana Brijgopal Bang, along with Bodywave Fashions (India) Private Limited.

Thomas Scott has scheduled its 16th Annual General Meeting for September 29, 2026, to seek shareholder approval for material related-party transactions totaling ₹300 crore. The meeting will also address the reappointment of Mr. Vedant Bang as Managing Director.

The company intends to hold the meeting via Video Conferencing or Other Audio Visual Means. Shareholders holding shares as on the cut-off date of September 22, 2026, are eligible to vote. The remote e-voting period runs from September 25, 2026, at 9:00 am to September 28, 2026, at 5:00 pm.

Related-Party Transactions

The Board seeks omnibus approval for transactions with two entities owned or significantly influenced by Key Managerial Personnel. These deals involve the sale and purchase of raw materials, finished goods, and services.

Bang Overseas Limited reported a consolidated turnover of ₹223.93 crore in FY25-26. The proposed transaction value represents approximately 78.46% of Thomas Scott’s annual consolidated turnover for the preceding financial year. Vedanta Creations Limited had a standalone turnover of ₹12.69 crore in FY25-26.

Management Reappointment

Shareholders will vote on the reappointment of Mr. Vedant Bang as Managing Director for the E-commerce segment. The appointment covers a three-year period starting October 1, 2026. His remuneration is set between ₹6 lakh and ₹12 lakh per month.

Mr. Bang brings nearly seven years of experience as a senior management consultant at Deloitte. He holds qualifications including Chartered Enterprise Risk Actuary and CFA Charter holder.

What the Numbers Show

The proposed related-party transaction with Bang Overseas Limited accounts for a significant portion of the listed entity’s business volume. At ₹200 crore, the deal size equals roughly 78% of Thomas Scott’s previous annual turnover, indicating heavy reliance on this specific supply chain relationship for operational continuity.