Star Housing Finance Board Addresses NHB Snap Audit Report and Directs Compliance Actions

Star Housing Finance Limited's Board of Directors held a meeting on 3rd April 2026 to address critical regulatory compliance matters following receipt of a snap audit report from the National Housing Bank (NHB). The board meeting was convened specifically to discuss the audit findings and implement necessary corrective measures.

Board Decisions and Compliance Actions

The board took comprehensive action regarding the NHB snap audit report through several key decisions:

Action Item	Details
Audit Report Discussion	Board discussed snap audit report issued by National Housing Bank
Acknowledgment	Formal receipt and cognizance of audit observations
Management Direction	Immediate reply to snap audit report instructed
External Auditing	Independent professional auditors to examine all mentioned sections
Regulatory Reporting	Suspicious transactions to be reported via FMR-1 filings

Regulatory Compliance Framework

The board demonstrated proactive compliance by acknowledging the audit observations and implementing a structured response mechanism. Management has been specifically instructed to provide immediate replies to address the snap audit findings. This approach reflects the company's commitment to maintaining regulatory standards and addressing supervisory concerns promptly.

Independent Professional Review

A significant decision involved directing external auditing of all sections highlighted in the NHB snap audit report. The board mandated that independent professional auditors examine these areas to ensure comprehensive review and compliance. This external validation approach strengthens the company's internal controls and demonstrates transparency in addressing regulatory observations.

Suspicious Transaction Reporting

The board emphasized strict adherence to anti-money laundering protocols by directing that all suspicious transactions identified in audit reports must be reported through FMR-1 submissions to relevant regulatory authorities. This measure ensures compliance with financial monitoring requirements and maintains the company's regulatory standing.

The meeting was held pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, with Company Secretary and Compliance Officer Nachiketa Purohit overseeing the disclosure requirements.

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Star Housing Finance Limited has announced the resignation of its Non-Executive Independent Director Mr. Ajith Kumar Lakshmanan, effective March 31, 2026. The company informed BSE Limited about this development on April 1, 2026, through a formal intimation signed by Company Secretary and Compliance Officer Nachiketa Purohit.

Director Details and Resignation Timeline

Mr. Ajith Kumar Lakshmanan, holding Director Identification Number 09724549, submitted his resignation letter on March 31, 2026, with immediate effect from the same date. The resignation was processed in accordance with Regulation 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Parameter:	Details
Director Name:	Mr. Ajith Kumar Lakshmanan
DIN:	09724549
Position:	Non-Executive Independent Director
Resignation Date:	March 31, 2026
Effective Date:	March 31, 2026

Reasons for Resignation

In his resignation letter, Mr. Lakshmanan outlined several critical concerns that led to his decision to step down from the board. The director cited multiple governance requirements and regulatory compliance issues that remained inadequately addressed despite assurances from the management.

The specific concerns raised by the resigning director included:

Governance Issues: Multiple governance requirements that needed attention
Regulatory Compliance: Need for compliance to regulatory standards, particularly regarding appointment of Key Managerial Personnel
Board Processes: Inadequate board processes and internal controls
Financial Concerns: Unresolved liquidity and cash flow requirements
Board Composition: Continuing concern about the absence of promoter directors on the board

Regulatory Compliance and Disclosures

Star Housing Finance Limited has fulfilled all mandatory disclosure requirements under SEBI regulations. The company provided comprehensive information as required under Regulation 30 read with clause 7B of Part A of Schedule III of the Listing Regulations and SEBI Master Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Disclosure Requirement:	Status
Reason for Change:	Resignation as Non-Executive Independent Director
Date of Cessation:	March 31, 2026
Other Listed Entity Directorships:	None (NA)
Material Reasons Confirmation:	Confirmed no other material reasons

Mr. Lakshmanan confirmed that there are no other material reasons for his resignation beyond those mentioned in his resignation letter. The director does not hold any directorships in other listed entities or memberships in board committees of other listed companies.

Company Response and Next Steps

The resignation has been accepted by the board, and the company has committed to filing all necessary forms and intimations with stock exchanges, Registrar of Companies, and other regulatory authorities as required under the Companies Act, 2013, SEBI regulations, and other applicable laws. The company secretary has ensured proper documentation and compliance with all regulatory requirements for the director's departure.