Star Health and Allied Insurance Company Limited’s Board of Directors has approved the reclassification of Sthitaprajna Advisors LLP from the Promoter Group category to the Public Shareholder category. This decision follows a request from the entity, which is associated with promoter Mr. Utpal Hemendra Sheth. The company will now undertake necessary steps to complete the reclassification process and obtain all required approvals.
Board Approves Shareholder Reclassification
The Board of Directors of Star Health and Allied Insurance Company Limited convened on October 27, 2026, and has officially approved the reclassification of Sthitaprajna Advisors LLP. This entity will transition from its current status within the Promoter Group category to the Public Shareholder category. This significant decision is a result of a formal request submitted by Sthitaprajna Advisors LLP, an entity linked to promoter Mr. Utpal Hemendra Sheth.
Background of the Reclassification
The reclassification is based on the fact that Mr. Utpal Hemendra Sheth has ceased to be the Designated Partner and Partner of Sthitaprajna Advisors LLP. Consequently, the company received a request letter on September 30, 2026, seeking the change in classification. Star Health had previously intimated this matter to the Stock Exchanges within the stipulated timeline of 24 hours following the receipt of the request.
Process and Next Steps
The Board’s resolution states that the reclassification is subject to the satisfaction of conditions prescribed under relevant regulations and the obtaining of all requisite approvals from regulatory authorities. Star Health and Allied Insurance Company Limited is committed to undertaking all necessary procedures, including making the required applications and filings with the relevant Stock Exchanges and other regulatory bodies, to ensure the smooth completion of this reclassification.
A certified true copy of the Board resolution pertaining to this reclassification has been enclosed as an annexure to the intimation.
Source: BSE
