Asian Star accepts resignation of independent director Pattanayak

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Reviewed by
Riya DScanX News Team
Key Highlights
  • Asian Star Company Ltd accepted the resignation of Independent Director Bijayananda Pattanayak
  • The resignation is effective from September 8, 2026, due to other professional commitments
  • Mr. Pattanayak also steps down from the Nomination and Remuneration Committee
  • The company confirmed no other material reasons exist for the departure
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Asian Star Company Limited has accepted the resignation of Mr. Bijayananda Pattanayak from his position as Independent Director, effective close of business on September 8, 2026.

The departure follows a formal notification to BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Pattanayak also ceases to be a member of the Nomination and Remuneration Committee with immediate effect.

Resignation Details

Mr. Pattanayak cited other professional commitments as the sole reason for his exit. In his resignation letter addressed to the Chairman, he confirmed that there are no other material reasons for the decision beyond those stated.

Particulars Details
Name of Director Mr. Bijayananda Pattanayak
Position Independent Director
Effective Date September 8, 2026
Reason Other professional commitments

Vipul Prabodh Shah, CEO and Managing Director, formally accepted the resignation on September 9, 2026. The company disclosed that Mr. Pattanayak does not hold directorships in any other listed entities.

Historical Stock Returns for Asian Star

1 Day5 Days1 Month6 Months1 Year5 Years
-1.18%0.0%-0.53%0.0%0.0%0.0%

Will Asian Star Company Limited initiate an immediate search for a new Independent Director to maintain board quorum and regulatory compliance?

How might the loss of Mr. Pattanayak's specific expertise impact the effectiveness of the Nomination and Remuneration Committee in the interim?

Are there any pending strategic decisions or audit cycles that could be delayed or affected by this leadership change before the effective date?

Asian Star schedules 32nd AGM on Sep 28, proposes ₹1.50 dividend for FY26

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Reviewed by
Anirudha BScanX News Team
Key Highlights
  • Asian Star schedules 32nd AGM for September 28, 2026, via VC/OAVM
  • Board proposes ₹1.50 per share final dividend for FY26
  • Record date set for September 21, 2026 for dividend eligibility
  • Priyanshu A. Shah and Dharmesh D. Shah seek re-appointment as directors
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Asian Star Company Limited has scheduled its 32nd Annual General Meeting for Monday, September 28, 2026 at 2:00 pm via Video Conferencing or Other Audio Visual Means, with a proposed final dividend of ₹1.50 per equity share for FY26.

The meeting will be held pursuant to Regulation 30 read with Part A (Para A) of Schedule III and Regulation 34(1)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, along with applicable Ministry of Corporate Affairs circulars. The intimation was signed by Vipul P. Shah, CEO and Managing Director, and submitted to BSE Limited.

Meeting Details

The following table summarises the key details of the 32nd AGM:

Detail Information
Meeting Date September 28, 2026
Time 2:00 pm
Mode Video Conferencing / OAVM
Proposed Dividend ₹1.50 per equity share
Record Date September 21, 2026
Book Closure Start September 22, 2026
Book Closure End September 28, 2026

The dividend of ₹1.50 per equity share of face value ₹10 each, aggregating to Rs. 240.10 lakhs, is subject to approval by shareholders at the AGM. The Board recommended this payout at its meeting held on May 25, 2026. Shareholders whose names appear in the register of members as on the record date of September 21, 2026 will be eligible for the dividend.

Ordinary Business

The AGM agenda includes the following ordinary business items:

  • Adoption of audited standalone and consolidated financial statements for the financial year ended March 31, 2026
  • Declaration of a final dividend of Rs. 1.50 per equity share for the year ended March 31, 2026
  • Re-appointment of Mr. Priyanshu A. Shah (DIN: 00004759) as a Director, retiring by rotation
  • Re-appointment of Mr. Dharmesh D. Shah (DIN: 00004704) as a Director, retiring by rotation

Directors Seeking Re-appointment

The following table provides details of the two directors proposed for re-appointment at the AGM, as required under Regulation 36(3) of SEBI (LODR) Regulations, 2015:

Parameter Mr. Priyanshu A. Shah Mr. Dharmesh D. Shah
DIN 00004759 00004704
Date of Birth May 14, 1981 October 2, 1965
Date of First Appointment November 1, 2004 March 7, 1995
Qualification B.Com, Certified Gemologist from G.I.A., New York B.Com
Category Non-Executive Non-Independent Director Non-Executive Non-Independent Director
Shares Held 12,15,450 39,50,050
Board Meetings Attended (FY26) 1 1

E-Voting and Remote Participation

The company has engaged National Securities Depository Limited (NSDL) as the authorised agency for remote e-voting. The remote e-voting period begins on Friday, September 25, 2026 at 9:00 am and ends on Sunday, September 27, 2026 at 5:00 pm. The cut-off date for determining eligible voters is Monday, September 21, 2026.

Yogesh D. Dabholkar, Practising Company Secretary (CP No.: 6752), has been appointed as Scrutinizer for conducting the remote e-voting and voting process at the AGM in a fair and transparent manner. Members wishing to speak during the meeting must register their request at secretarial@asianstargroup.com on or before 5:00 pm on September 24, 2026.

FY26 Financial Highlights

The dividend recommendation follows a year in which Asian Star navigated a challenging operating environment. The following table presents consolidated financial highlights for FY26 alongside prior years:

Metric (Rs. in Lakhs) FY26 FY25 FY24
Turnover 2,88,201 2,95,575 3,52,330
Diamonds Revenue 1,91,656 2,13,280 2,89,556
Jewellery Revenue 96,545 82,240 62,593
EBITDA 6,381 8,091 11,784
PAT 4,042 4,319 7,723
EPS (Rs.) 25 27 48
Book Value (Rs.) 1,036 976 945

Consolidated turnover for FY26 stood at Rs. 2,882.01 crore, reflecting a decline of 2.5% from Rs. 2,955.75 crore in FY25. The jewellery segment delivered growth of 17.4%, with revenue rising to Rs. 965.45 crore from Rs. 822.40 crore, while the diamond segment declined 10.1% to Rs. 1,916.56 crore. Profit after tax was Rs. 40.42 crore against Rs. 43.19 crore in FY25.

Historical Stock Returns for Asian Star

1 Day5 Days1 Month6 Months1 Year5 Years
-1.18%0.0%-0.53%0.0%0.0%0.0%

How does the 17.4% growth in the jewellery segment offset the 10.1% decline in diamond revenue, and what strategic shifts might this indicate for Asian Star's future product mix?

Given the continued decline in EBITDA and PAT over three years, what specific operational measures is management planning to implement to reverse the margin compression trend?

With both retiring directors having attended only one board meeting in FY26, how might their re-appointment impact corporate governance oversight and strategic decision-making efficiency?

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