Resignation of Non-Executive Independent Director
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Star Housing Finance Ltd informed the stock exchange about multiple decisions taken at its August 14, 2025 board meeting. Mr. Chinnathambi Ilango (DIN: 03498879) resigned as Non-Executive Independent Director effective the conclusion of the meeting, citing his intent to pursue a new venture. The board also recorded the resignation of Executive Director Mr. Kavish Jain effective August 15, 2025, while Executive Director Mr. Kalpesh Dave will not seek reappointment at the upcoming AGM. The company declared Q1 FY26 results with total income of Rs. 2,181.25 lakhs but profit after tax fell sharply to Rs. 138.41 lakhs from Rs. 301.85 lakhs a year earlier, and EPS dropped to Rs. 0.18 from Rs. 0.38. Other key decisions included a Rs. 0.10 per share dividend for FY25, NCD issuance up to Rs. 50 crore, authorised share capital hike from Rs. 50 crore to Rs. 125 crore, promoter reclassification, and appointment of Mr. Shakir Sheikh as Chief Compliance Officer for 3 years.
Multiple senior exits (one independent director, one executive director, and one CEO-level director opting out of reappointment) alongside a steep quarterly profit decline may concern shareholders in the short term, though the dividend, capital expansion, and new compliance appointment signal operational continuity.