Star Housing Finance Ltd

Star Housing Finance Ltd has announced the appointment of Ms. Shweta Mehta as an Additional Director in the category of Non-Executive Independent Director. The appointment, effective June 15, 2026, is subject to shareholder approval. Ms. Mehta brings over 18 years of experience in healthcare and digital platforms, including founding an early e-pharmacy platform and holding directorships in media companies. She has been recognized for her contributions to digital healthcare. The company has confirmed she is not debarred from holding a director position by any regulatory authority.

Star Housing Finance Ltd announced that the Debenture Holders meeting, initially scheduled for May 22, 2026, has been adjourned to May 29, 2026, at 4:00 p.m. via video conferencing. The adjournment was due to a lack of quorum. The meeting concerns a default in interest and principal payment on Non-Convertible Debentures (NCDs) aggregating to ₹20,00,00,000 under ISIN INE526R07017, with the payment originally due on May 19, 2026. The agenda remains the same as the notice dated April 27, 2026, focusing on the Debenture Trustee's course of action.

Star Housing Finance Ltd has received a Letter of Intent from Bassinvictus Private Limited, expressing intent to infuse ₹200 cr in equity, subject to approvals. Bassinvictus aims to acquire a majority stake, buy out promoters' and ARKFIN's stake via secondary purchase, and bring in a new leadership team. An immediate infusion of ₹25 cr as ICD is planned to clear pending dues and statutory payments. Lenders' agreement is required to convert the letter into a firm commitment.

Star Housing Finance Ltd announced that the appointment of M/s. Parikh & Associates, Chartered Accountants, for a comprehensive external audit related to the National Housing Bank's (NHB) Snap Audit Report, has been put on hold. This decision was made as per the instructions of the Board and Management, following previous intimations on April 3 and April 14, 2026. The company clarified that the matter under review remains at the stage of suspicion and the existence of such irregularities has not yet been substantiated. Further developments are expected to be updated soon.

Star Housing Finance Ltd. has informed that the National Housing Bank (NHB) will conduct a forensic and transactional audit of the company. The audit is scheduled to begin on April 30, 2026. NHB has authorized Shri Sachien Agrrawal, Partner, M/s. Ravi Rajan & Co. LLP, Chartered Accountants, to carry out this forensic audit. This disclosure was made in compliance with Regulation 30 of the SEBI LODR Regulations, 2015. The initiation of such an audit by a key regulatory body like NHB indicates a detailed review of the company's financial and operational practices, which could lead to increased scrutiny and potential implications for the company's compliance and investor perception.

Star Housing Finance Ltd. has defaulted on its Non-Convertible Debenture (NCD) payment of ₹20 crore, which was due on April 27, 2026, following a Put Option notice. The company requested a 14-working-day extension from the Debenture Trustee, Vardhman Trusteeship Private Limited, citing ongoing liquidity infusion through a new investor. The Debenture Trustee has sought consent from Debenture Holders for this extension and has scheduled a meeting for May 22, 2026, to discuss potential actions. These actions include considering negative consent for security enforcement, positive consent for signing an Inter-Creditor Agreement (ICA), and other measures. The meeting will be cancelled if the default is cured before the scheduled date. The NCDs were issued under ISIN: INE526R07017.

Star Housing Finance Ltd has appointed Ahmedabad-based M/s. Parikh & Associates, Chartered Accountants, to conduct a comprehensive external audit. This audit is in response to a Snap Audit Report issued by the National Housing Bank (NHB). The company clarified that the matter under review is currently at the suspicion stage, and the existence of irregularities has not yet been substantiated. The audit aims to objectively and independently establish the facts, reflecting the Board's and Management's commitment to transparency, accountability, and high standards of corporate governance.

Star Housing Finance Ltd. has announced a proposal to appoint Mr. Anil Sachidanand and Mr. Ashish Jain as Additional Non-Executive Directors. The appointments are subject to the prior approval of the Reserve Bank of India. Mr. Sachidanand is an MBA with over three decades of experience in the Banking and Lending sector, currently serving as the Managing Director of Arkfin Investments and Advisors Private Limited. Mr. Jain is an Engineer with a postgraduate degree from the University of Nottingham, UK, bringing a strong blend of technical understanding, strategic perspective, and managerial capability. He has previously served as the Chairman and Managing Director of Star Housing Finance Ltd. from 2018 to 2024.

Star Housing Finance Ltd has disclosed defaults on term loan instalment payments to Hinduja Housing Finance Limited and LIC Housing Finance Limited. The default amount for Hinduja Housing Finance is INR 0.50 crore (principal) and INR 0 crore (interest), while for LIC Housing Finance, the default amount is INR 1.32 crore (principal) and INR 0 crore (interest). The defaults were made on 28th February 2026 and 1st March 2026 respectively. The company has an outstanding borrowing of INR 410.02 crore from banks and financial institutions and a total financial indebtedness of INR 410.02 crore including short-term and long-term debt.

Star Housing Finance Ltd has disclosed defaults on term loan instalment payments to Hinduja Housing Finance Limited and LIC Housing Finance Limited. The default to Hinduja Housing Finance is for a principal amount of INR 0.50 crore, while the default to LIC Housing Finance is for a principal amount of INR 1.32 crore. Both defaults occurred in February and March 2026 respectively. The company has provided detailed information about the obligations in Annexure I.