Star Paper Mills Ltd has received a GST demand of ₹1.53 crore from the Joint Commissioner (Corporate Circle), GST Department, Saharanpur Zone, for the fiscal year 2023-24. The notice, dated October 16, 2026, and received on October 21, 2026, relates to the disallowance of input tax credit claimed on raw materials destroyed in a fire accident at the mill.

The total demand comprises tax of ₹60.39 lakh, interest of ₹32.37 lakh, and penalty of ₹60.39 lakh. Additionally, the company received a separate demand of ₹1.58 lakh under the CST Act for GST charged on self-consumed paper and miscellaneous receipts. This second demand includes tax of ₹61,170, interest of ₹36,086, and penalty of ₹61,170.

Breakdown of Demands

Company Response

Star Paper Mills stated that it will prefer appropriate appeals against the orders before the Additional Commissioner (Appeals) within the allowed time frame. The company asserted that there is no material impact on its financial, operational, or other activities due to these orders.

What the Numbers Show

The penalty amount in the primary demand equals the tax amount exactly at ₹60.39 lakh, indicating that the authorities imposed a 100% penalty on the disputed tax liability. Combined with interest, the non-tax components constitute approximately 60% of the total demand value.

Star Paper Mills Limited shareholders voted to approve all resolutions passed during the company's 87th Annual General Meeting (AGM) held on September 24, 2026. The voting results, disclosed on September 25, 2026, confirm the adoption of FY26 financial statements and the declaration of a dividend of ₹2.50 per equity share.

The meeting was conducted through video conferencing pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Members also approved the reappointment of a director and the remuneration of cost auditors for FY27.

Voting outcomes for key resolutions

Shareholders passed all ordinary and special business items set out in the AGM notice. The scrutinizer’s report indicates that the resolution to adopt the audited Balance Sheet and Statement of Profit & Loss for FY26 received 99.97% votes in favour. Similarly, the dividend declaration received overwhelming support, with only 2,026 votes cast against out of 72,70,550 votes polled.

Mrs. Pragya Jhunjhunwala, who retired by rotation and offered herself for reappointment, was absent from the meeting due to personal reasons. All other Directors were present. Mr. Shrivardhan Goenka, Non-executive Director, chaired the proceedings as elected by the members.

Participation and voting details

The company provided a remote e-voting facility to members prior to the meeting. A total of 16,202 shareholders were on record as of the cut-off date, September 17, 2026. During the AGM, 42 public shareholders and 5 promoter group members attended through video conferencing.

Voting data reveals that promoters and promoter group members held 70,12,344 shares and voted entirely in favour of all resolutions. Public institutions holding 2,54,352 shares also voted unanimously in favour. Among public non-institutional shareholders, who held 83,41,654 shares, a small fraction of 2,026 votes were cast against the resolutions, while 2,89,111 votes were abstained from during the Insta Poll session.

Scrutinizer’s report and compliance

Mr. Debabrata Dutt of D. Dutt & Co., Company Secretaries, served as the Scrutinizer for the remote e-voting and Insta Poll conducted during the AGM. The e-voting platform was disabled on September 23, 2026, at 5:00 pm, prior to the meeting. Votes cast under remote e-voting were unblocked on September 24, 2026, at 4:59 am, and Insta Poll results were unblocked at 12:28 pm in the presence of two witnesses not employed by the company.

The results of the e-voting are scheduled to be displayed on the company's website and disseminated to stock exchanges within the permitted timeframe. The management remains responsible for ensuring compliance with the Companies Act, 2013, and SEBI Listing Regulations regarding the voting process.