Asian Star Company Limited has made a disclosure to BSE Limited pursuant to Regulation 30 read with Para A(20) of Part A of Schedule III of the SEBI (LODR) Regulations, 2015.
The company has received an order dated September 28, 2026, passed by the Ministry of Finance, Income Tax Department under Section 271G of the Income-tax Act, 1961. The order was received by the company through email on September 29, 2026.
The specific nature of the action is an order levying a penalty of ₹16,12,74,109 (Rs. 16.12 crore) under Section 271G of the Income-tax Act, 1961.
Regarding financial impact, the company states that based on its assessment, it believes the penalty order is not sustainable. The company has filed an appeal against the order before the appropriate appellate authority and is hopeful of a favorable outcome. Accordingly, the company believes there will be no impact on its financials, operations, or other activities due to this order.
The company explains that the delay in disclosure (from September 29 to November 4) was due to the time taken to review the order and evaluate its implications in consultation with the company's tax and legal advisors. The company regrets the delay and is strengthening its internal compliance mechanism to ensure timely disclosures in future.