Star Housing Finance Ltd's board has rejected a request from its promoters to reclassify their status from the 'Promoter Group' category to the 'Public' category. The decision was taken during a board meeting held on July 11, 2026, via video conferencing. The rejection comes amid the company's ongoing efforts to address liquidity challenges and revive operations.

The board considered the request letters dated June 30, 2026, and July 1, 2026, submitted by the promoters under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. After deliberation, the board decided not to approve the reclassification at this stage. The decision was influenced by the company's current liquidity position, difficulties in making timely repayments and statutory dues, and discussions with a proposed investor.

The intimation was submitted to BSE Limited pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was signed by Nachiketa Purohit, Company Secretary and Compliance Officer of Star Housing Finance Limited.

Key Details of the Board Decision

The board's decision underscores the company's focus on stabilizing its financial position and navigating ongoing revival efforts. The reclassification request remains unapproved as the company continues to address its liquidity and repayment challenges.

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.