Star Housing Finance Limited has announced the appointment of two Additional Non-executive Directors following a board meeting held on March 31, 2026, and has now submitted an application to the Reserve Bank of India for prior approval as required under regulatory guidelines.

Board Meeting Outcomes and RBI Application

The board meeting, which commenced at 7:30 p.m. and concluded at 7:45 p.m. on March 31, 2026, resulted in the approval of two key appointments. Subsequently, on April 7, 2026, the company informed BSE that an application is being submitted to RBI for prior approval in line with Clause 45.3 of Chapter VIII, Section III of the Master Direction – NBFC (Housing Finance Company) Directions, 2021.

Director Profiles and Experience

Mr. Anil Sachidanand brings over three decades of experience in the Banking and Lending sector. He holds an M.B.A in marketing and is a member of ICWAI. Currently serving as Managing Director of Arkfin Investments and Advisors Private Limited, which is the largest shareholder of the Company, his strategic insights and operational finesse have been developed across renowned organizations.

Mr. Ashish Jain is an Engineer by qualification with a postgraduate degree from the University of Nottingham, UK. He brings a strong blend of technical understanding, strategic perspective, and managerial capability. Notably, he previously served as Chairman and Managing Director of the company from May 28, 2018 to June 30, 2024, providing him with comprehensive exposure across business, finance, accounts, and operations.

Regulatory Compliance Framework

Both appointments are subject to RBI's prior approval, with the date of appointment to be confirmed upon receiving regulatory clearance. The appointments comply with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Corporate Governance and Disclosure

Both directors have disclosed no relationships with existing board members, ensuring independence in their roles. The company maintains transparency through proper disclosure protocols, with Company Secretary & Compliance Officer Nachiketa Purohit overseeing the regulatory communications. All information has been made available on the company's official website at www.starhfl.com , ensuring accessibility for stakeholders.

Star Housing Finance Limited has filed a Fraud Monitoring Report-1 with the National Housing Bank following concerns raised about a suspected phantom loan book worth Rs. 120 crore. The development comes after a snap audit report issued by the National Housing Bank flagged potential irregularities in the company's loan portfolio.

Regulatory Filing Details

The company submitted the fraud monitoring report in compliance with the Master Direction on Frauds by the Reserve Bank of India. This filing was made following instructions from the Board of Directors and represents a significant regulatory disclosure for the housing finance company.

Company's Position and Clarifications

Star Housing Finance has emphasized that the findings regarding the phantom loan book are currently suspected and have not yet been established as factual. The company is taking proactive steps to address the concerns raised by the regulatory audit.

The housing finance company has announced its intention to appoint independent auditors to conduct a comprehensive external audit of the matter. This independent review is expected to provide clarity on the suspected irregularities and help establish the facts surrounding the loan book in question.

Regulatory Compliance

The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation requires listed companies to disclose material events and information that could impact investor decisions.

The filing follows a previous intimation made by the company on April 3, 2026, indicating that this is part of an ongoing regulatory process. The company has requested the stock exchange to take note of this information as part of its compliance obligations.