DIC India Limited has filed a fresh commercial suit against Star Plastics before the District Courts, New Delhi, seeking recovery of INR 60,62,333/- including penalty and interest. This legal action stems from Star Plastics' failure to honor a settlement agreement reached earlier in 2025.

Settlement Agreement and Breach

The current litigation follows a previous disclosure made by DIC India on May 6, 2025, regarding mediation proceedings before the Delhi High Court Mediation and Conciliation Centre. The parties had successfully settled their disputes, with Star Plastics agreeing to pay a sum of INR 56,94,833/- to the company after adjustment of ad hoc payments of INR 10,00,000/-.

As a consequence of this settlement, the arbitration proceedings before the Indian Council of Arbitration (ICA) were closed. However, Star Plastics failed to fulfill its payment obligations under the agreement.

Current Legal Action

Out of the agreed settlement amount, DIC India received only INR 2,50,000/-, leaving a substantial balance unpaid. In view of this breach of obligations by Star Plastics, the company has now instituted a commercial suit for recovery before the District Courts, New Delhi.

The commercial suit seeks recovery of INR 60,62,333/-, which includes the outstanding settlement amount along with penalty and interest charges that have accrued due to the delayed payment.

Regulatory Compliance

DIC India made this disclosure in compliance with Para B of Part A of Schedule III of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure also references SEBI circulars dated July 13, 2023, and February 25, 2025, regarding litigation disclosure requirements.

The company has informed the stock exchanges, including BSE Limited, National Stock Exchange of India Limited, and The Calcutta Stock Exchange Limited, about this fresh commercial litigation as part of its ongoing disclosure obligations.

DIC India Limited successfully conducted its 78th Annual General Meeting on March 23, 2026 at 11:00 AM through two-way video conferencing, marking another milestone in the company's corporate governance practices. The meeting was held in compliance with circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India, with 51 shareholders participating in the virtual proceedings.

Official Voting Results and Regulatory Compliance

The company has released comprehensive voting results for all five resolutions presented during the AGM, demonstrating strong shareholder support across all agenda items. CS Karan Arora of Karan Arora & Associates served as the scrutinizer for the e-voting process, which included both remote e-voting and electronic voting during the meeting.

E-Voting Process and Shareholder Participation

The comprehensive voting process included remote e-voting facility from March 19, 2026 (9:00 AM IST) to March 22, 2026 (5:00 PM IST), along with electronic voting during the AGM for members who attended through video conferencing. The total voting participation reached 71.77% of outstanding shares, with 6,587,890 votes polled out of 9,178,977 total shares.

Board Participation and Key Appointments

The AGM witnessed full board participation with all nine directors present during the meeting. Mr. Rajeev Anand, Chairman of the Board and Independent Director, chaired the proceedings and addressed shareholders regarding the company's financial performance. The meeting successfully approved the re-appointment of Mr. Hayato Kashiwagi, who serves as Regional Business Product Director of DIC Asia Pacific Pte Ltd with 25 years of experience at DIC Corporation.

Additionally, shareholders approved the re-appointment of Mr. Adnan Wajhat Ahmad as Independent Director for a second three-year term commencing April 01, 2026. The company also appointed M/s Chandra Wadhwa & Co., Cost Accountants in Practice, as Cost Auditor for financial year 2026.

Stock Exchange Notifications and Compliance

The company formally notified all major stock exchanges about the AGM proceedings and voting results under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Communications were sent to BSE Limited (Scrip Code: 500089), National Stock Exchange of India Limited (Scrip Code: DICIND), and The Calcutta Stock Exchange Ltd (Scrip Code: 10013217), ensuring full regulatory compliance.

The voting results and consolidated Scrutinizer's Report have been submitted to stock exchanges and published on the company's website within prescribed timelines, maintaining transparency in the corporate governance process. The cut-off date for voting eligibility was March 16, 2026, with voting disabled at 12:15 PM following the meeting's conclusion at 12:00 PM.