Star Health Announces Retirement of Independent Directors, Appointment of Additional Director

Star Health Announces Retirement of Independent Directors, Appointment of Additional Director​

Star Health and Allied Insurance Company Limited reported significant changes following its Board meeting held on June 26, 2026. The Board approved key operational updates concerning director retirements, the transmission of shares belonging to the late Mr. Rakesh Jhunjhunwala, and the appointment of a new additional director.

The company confirmed that two Independent Directors will be retiring upon completion of their term. Mr. Rajeev Krishnamuralilal Agarwal and Ms. Rajni Sekhri Sibal will retire from the close of business hours on July 15, 2026, having served five consecutive years in the role. The Board noted its appreciation for both directors' contributions to the Company during their tenure.

Director Appointments and Resignations​

The meeting addressed the transmission of 8,28,82,958 Equity Shares held by the late Mr. Rakesh Jhunjhunwala, as certified by the Probate issued by the Honourable High court of Bombay on December 18, 2023. Consequently, Mr. Utpal Hemendra Sheth resigned from his role as the Nominee Director of the Estate of Late Mr. Rakesh Jhunjhunwala, effective June 26, 2026, following the withdrawal of nomination by the Estate.

In a subsequent development, Mr. Utpal Hemendra Sheth (DIN: 00081012) was appointed as an Additional Director under the Non-Executive Category, representing Sitara Partners LLP, the Promoter of the Company. This appointment is subject to approval by the members.

Profile and Responsibilities of Mr. Utpal Sheth​

Mr. Utpal Hemendra Sheth holds a distinguished background in finance and investing. He serves as the Founder and Mentor of Trust Group and Chanakya Wealth Creation. Prior to this, he was the Chief Executive Officer and Senior Partner of Rare Enterprises, a multi-billion-dollar proprietary asset management firm of late Shri Rakesh Jhunjhunwala.

Mr. Sheth’s professional focus is on long-term investing in public and private markets, portfolio construction, and risk management. With over 35 years of experience across various reputed Indian financial firms, his expertise spans investment management, fund raising, M&A, buybacks, and corporate advisory in both Public Equities and Private Equity.

As part of the Board structure, Mr. Sheth holds several key committee positions within Star Health and Allied Insurance Company Limited. These include:

STARHEALTH Stock Price Movement​

Star Health and Allied Insurance Company Limited shares edged higher to settle at ₹577.1 on Thursday, having gained 0.11% over the trading day. The stock finished up by ₹0.65 from its previous close of ₹574.3, backed by a traded volume of 708,279 shares.