Resignation of Mr. Ajith Kumar Lakshmanan from the position of Non-Executive Independent Director of the Company with effect from 31st March 2026.
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Mr. Ajith Kumar Lakshmanan, Non-Executive Independent Director of Star Housing Finance Ltd, resigned with effect from 31st March 2026. In his resignation letter, he raised serious concerns including unaddressed governance issues, unresolved liquidity and cash flow problems, inadequate internal controls, weak Board processes, and the absence of Promoter Directors on the Board. He noted that despite repeated assurances from management, these concerns remained unaddressed. The company has confirmed there are no other material reasons for the resignation beyond those mentioned in the letter.
This is a significant red flag for shareholders. An Independent Director publicly flagging unresolved liquidity stress, weak internal controls, and governance failures points to deeper structural problems at the company. Such disclosures are typically bearish for the stock, may erode investor and lender confidence, and could attract closer regulatory scrutiny.