Star Cement Limited held its 24th Annual General Meeting (AGM) on September 23, where shareholders approved several important appointments and resolutions. The meeting, conducted through video conferencing, marked significant decisions for the company's governance and operations.

Board Appointments and Auditor Selection

Shareholders gave their nod to the re-appointment of three Independent Directors for five-year terms:

• Mr. Vivek Chawla (DIN: 02696336): April 1, 2026 to March 31, 2031
• Mr. Jagdish Chandra Toshniwal (DIN: 01539889): April 1, 2026 to March 31, 2031
• Mr. Ramit Budhraja (DIN: 00053723): May 1, 2026 to April 30, 2031

These re-appointments ensure continuity in the company's independent oversight and governance.

In addition to the director re-appointments, the AGM approved the appointment of M/s. MKB & Associates, a peer-reviewed firm of Company Secretaries in Practice (Firm Registration No. P2010WB042700), as the Secretarial Auditors of Star Cement. This appointment is for a five-year term, spanning from the financial year 2025-26 to 2029-30.

Key Resolutions Passed

The AGM also saw the approval of several other important resolutions:

1. Adoption of audited financial statements for the year ended March 31
2. Re-appointment of Mr. Sanjay Agarwal and Mr. Pankaj Kejriwal as directors retiring by rotation
3. Payment of commission to Independent Directors
4. Ratification of remuneration for cost auditors
5. Approval for charitable donations up to ₹10.00 crore in any financial year
6. Multiple resolutions for material related party transactions with various group companies

Material Related Party Transactions

Shareholders approved several material related party transactions, indicating significant inter-company operations within the Star Cement group. Notable approvals include:

These approvals suggest substantial business activities between Star Cement and its group companies, potentially involving supply agreements, shared services, or other operational synergies.

Management's Address

Mr. Sajjan Bhajanka, Chairman & Managing Director of Star Cement, addressed the shareholders, highlighting the company's performance and progress. He also provided insights into the overall situation prevailing in the country, likely touching upon economic conditions and industry trends affecting the cement sector.

The AGM proceedings reflect Star Cement's commitment to corporate governance, stakeholder engagement, and strategic business operations. The re-appointment of independent directors and the approval of significant related party transactions indicate the company's focus on maintaining strong oversight while leveraging group synergies for business growth.

Star Cement Limited, a prominent cement manufacturer, has been directed to pay damages of ₹10.62 lakh by the Regional Provident Fund Commissioner – II, Shillong, for non-compliance with the Employees' Provident Fund and Miscellaneous Provisions (EPF & MP) Act. The order, issued on August 26, 2025, comes as a result of the company's alleged violation of Section 14B of the Act.

Details of the Order

The cement manufacturer received the order on August 26, 2025, as disclosed in a regulatory filing to the National Stock Exchange of India Limited and BSE Limited. The company made this announcement in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Impact

Despite the penalty, Star Cement has stated that there is no financial impact on its operations or other activities from this damages amount. The company's disclosure to the stock exchanges, signed by Company Secretary Debabrata Thakurta, explicitly mentioned that the impact on financial, operation, or other activities of the listed entity is "NIL".

Compliance and Transparency

The order for damages highlights the importance of strict adherence to labor laws and regulations, particularly those related to employee benefits such as provident funds. While the specific details of the compliance issues were not elaborated upon, the action taken by the Regional Provident Fund Commissioner underscores the regulatory scrutiny faced by companies in ensuring proper management of employee provident funds.

Star Cement's prompt disclosure of this regulatory action demonstrates its commitment to transparency and compliance with SEBI regulations. The company's swift communication to shareholders and the market about the order received is in line with good corporate governance practices.

As the cement industry continues to play a crucial role in India's infrastructure development, incidents like these serve as a reminder of the regulatory landscape within which these companies operate. Stakeholders will likely keep a close eye on Star Cement's compliance measures going forward to ensure that such incidents are not repeated in the future.