Star Housing Finance Ltd has corrected the effective date of Abhaykumar J. Pal's appointment as an Additional Director in the Non-Executive Independent category to July 8, 2026. The company clarified that a typographical error in its previous communication dated July 8, 2026, had incorrectly stated the date as July 7, 2026. The appointment remains subject to shareholder approval and is intended to strengthen the board's oversight capabilities within the non-banking financial sector.

Appointment Details

The Board of Directors approved the appointment of Mr. Abhaykumar J. Pal (DIN: 11802566) through a resolution passed by circulation. The appointment is for a term of one year starting July 8, 2026. This move complies with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the appointee is not debarred from holding the director position by any SEBI order or other authority, in accordance with BSE circular no. LIST/COMP/14/2018-19 dated June 20, 2018.

Director Profile

Mr. Abhaykumar J. Pal brings over a decade of experience to the role, specialising in corporate laws, securities laws, and regulatory compliance. He is a Practising Company Secretary and a Fellow Member of the Institute of Company Secretaries of India (ICSI). He holds additional certification from ISCI on "Non-Banking Financial Companies (NBFCs) – End-to-End Compliance Management" and is recognised as a Corporate Governance Professional.

Expertise and Background

Pal's professional background includes advisory services for the Companies Act, 2013, SEBI Regulations, and the Insolvency and Bankruptcy Code. His experience spans secretarial audits, corporate restructuring, and governance. He has advised various entities, including listed and unlisted companies, NBFCs, and trusts, on matters such as fund raising, due diligence, and mergers and acquisitions.

There are no inter-se relationships between the directors of the company disclosed in the filing. The appointment is intended to leverage Pal's expertise in risk management and stakeholder management to guide the Board effectively.

Star Housing Finance Limited has received requests from four shareholders seeking reclassification from the 'Promoter and Promoter Group' category to the 'Public' category. The requests, dated July 1, 2026, were submitted by Akme Automobiles Private Limited, Shantilal Jain, Yashpal Velchand Jain, and Leeladevi Jain. The applicants stated they hold nominal or no equity shares in the company and have never exercised control over its affairs directly or indirectly.

The intimation was made to BSE Limited under Regulation 30 read with Regulation 31A(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company disclosed that the Board of Directors was not accustomed to acting on the advice, directions, or instructions of these individuals. Consequently, the applicants have requested that their status be updated to reflect their actual shareholding and involvement.

The shareholders provided certifications confirming compliance with Regulation 31A(3)(b). They certified that they do not hold more than 10% of the total voting rights, do not exercise control over the company, and do not possess special rights through formal or informal arrangements. Additionally, they confirmed they are not represented on the board of directors, do not serve as key managerial personnel, and are not wilful defaulters or fugitive economic offenders.

The applicants further confirmed there is no pending regulatory action against them and that they are not in violation of SEBI Circular No. SEBI/HO/MRD/DSA/CIR/P/2017/92 dated August 1, 2017, or Regulation 34 of the SEBI (Delisting of Equity Shares) Regulations, 2021. They agreed to comply with the conditions regarding voting rights and control indefinitely, and conditions regarding board representation and management roles for a minimum of three years from the date of reclassification.

Star Housing Finance Limited stated it will take the necessary steps to process the reclassification in accordance with the provisions of Regulation 31A of the Listing Regulations. The following table details the shareholders seeking the change in category: