Greenlam Industries Limited, a leading manufacturer of decorative laminates, has announced that its shareholders have approved the reappointment of Ms. Matangi Gowrishankar as an Independent Women Director for a second term of five consecutive years. The decision was made during the company's 12th Annual General Meeting (AGM) held on July 31, 2025.

Shareholder Support

The reappointment of Ms. Gowrishankar received strong backing from the company's shareholders. According to the voting results:

This overwhelming support demonstrates the confidence shareholders have in Ms. Gowrishankar's leadership and expertise.

Experience and Qualifications

Ms. Matangi Gowrishankar brings a wealth of experience to her role at Greenlam Industries:

• Over four decades of leadership experience across diverse industries
• Postgraduate degree in Personnel Management & Industrial Relations from XLRI
• Expertise in leadership development, talent management, HR consulting, and organizational effectiveness

Her career spans various sectors, including:

• Banking and Financial Services
• Information Technology
• Manufacturing
• Sports and Fitness
• Oil and Gas

International Exposure

Ms. Gowrishankar's experience extends beyond India's borders. She has:

• Worked with multinational organizations such as Standard Chartered Bank, Reebok India, GE, Zensar Technologies, Cummins, and BP plc
• Lived and worked in the UK and Singapore, managing wide geographical remits

Additional Roles

Beyond her directorial duties, Ms. Gowrishankar:

• Works as a qualified coach, supporting senior business leaders
• Focuses on helping organizations build inclusive cultures for better business outcomes

Corporate Governance

The company noted that Ms. Gowrishankar is not related to any other director of Greenlam Industries and is not debarred from holding directorial positions. This underscores the company's commitment to maintaining strong corporate governance practices.

Other AGM Outcomes

In addition to Ms. Gowrishankar's reappointment, the 12th AGM saw several other key resolutions passed:

1. Adoption of financial statements for the year ended March 31, 2025
2. Declaration of a final dividend of ₹0.40 per equity share
3. Reappointment of Mr. Shiv Prakash Mittal as a Director
4. Appointment of Secretarial Auditors

The AGM, conducted through video conferencing, saw participation from 5 promoter group members and 77 public shareholders.

Greenlam Industries' decision to reappoint Ms. Matangi Gowrishankar reflects the company's focus on leveraging diverse expertise to drive growth and maintain strong corporate governance in the decorative laminates industry.

Greenlam Industries Ltd. finds itself in the spotlight with recent developments involving government incentives and tax-related challenges. The company has received both positive news regarding extended incentives from the Andhra Pradesh government and concerning notices from tax authorities in Himachal Pradesh.

Andhra Pradesh Government Extends Special Incentive Package

In a significant boost to its operations, Greenlam Industries' wholly-owned subsidiary, Greenlam Limited, has been granted a special package of incentives by the Government of Andhra Pradesh. This package, part of the Andhra Pradesh Industrial Development Policy 2024-2029, covers the establishment of the existing Particle Board (Chipboard) project and future investments up to March 2029 at Naidupeta, Andhra Pradesh.

The company disclosed this development in a regulatory filing, stating that the incentives are subject to fulfillment of certain conditions stipulated by the concerned authorities. While specific details about the nature, value, or duration of these incentives were not provided, this move is expected to support Greenlam's operations and future expansion plans in the state.

Tax Recovery Demand: Rs 7.69 Crore

On a challenging note, Greenlam Industries has received Show Cause Notices from the Assistant Commissioner, State Taxes & Excise Circle-III Nalagarh, Himachal Pradesh. These notices allege that the company took incorrect Integrated Goods and Services Tax (IGST) refunds from the Customs Department during the period 2018-2021.

The details of the tax recovery demand are as follows:

The notices demand recovery of tax, penalties, and interest totaling approximately Rs. 7.69 crore. The company has been asked to explain why the refund amount, along with applicable interest and penalties, should not be imposed under various sections of the Central Goods and Services Tax Act, 2017.

Company's Response

Greenlam Industries has stated that it is currently reviewing the Show Cause Notices and evaluating appropriate legal recourse. The company expressed optimism about a favorable outcome and does not expect these notices to have any material impact on its financials or operations.

As these developments unfold, stakeholders will be keenly watching how Greenlam Industries navigates these contrasting scenarios – leveraging the government incentives for growth while addressing the tax-related challenges.