Star Housing Finance Addresses Suspicion of Phantom Loan Book Following National Housing Bank Audit
Star Housing Finance Limited, formerly known as Akme Star Housing Finance Limited, issued an update concerning findings stemming from a snap audit report issued by the National Housing Bank. The company stated that it has filed a Fraud Monitoring Report-1 with the National Housing Bank, as per the Master Direction on Frauds by RBI.The report pertains to suspicions regarding a phantom loan book amounting to Rs. 120 Crore. Star Housing Finance Limited clarified that these findings are currently suspected and have not yet been established.
In response to these matters, the company indicated that it is in the process of appointing independent auditors to conduct a thorough external audit regarding the suspected findings.
Stock Price Movement
At the close of trade today, Star Housing Finance Ltd shares finished up 4.95% at ₹4.24. The stock remained completely flat, locked into the same price point from its high to its low.Source:
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