Explore Business Standard
Don’t miss the latest developments in business and finance.
Semi-urban and rural-focused home finance company Star Housing Finance Ltd (Star HFL) has reported a 70 per cent jump in its revenue for the April-June quarter on strong growth in interest income and commission fee. Total revenue rose by 70 per cent to Rs 20.96 crore for the April-June quarter of 2024-25 compared to Rs 12.29 crore in the year-ago period, the BSE-listed company said in a release. Interest income rose to Rs 18.08 crore in the first quarter of FY25 against Rs 11.20 crore in April-June 2023-24. Assets under management soared by 73.55 per cent to Rs 471.41 crore in the June quarter over the year-ago period. Disbursements were at Rs 61.23 crore in the quarter under review. Profit after tax rose by 94 per cent to Rs 3.02 crore in the quarter against Rs 1.55 crore in the year-ago period.
The National Financial Reporting Authority (NFRA) has imposed penalties on 18 auditors and also debarred them for varying periods for lapses with respect to audits of various branches of housing finance company DHFL. Penalties totalling Rs 18 lakh or Rs 1 lakh each has been imposed on the auditors for their professional misconduct, according to 18 separate orders passed by the regulator. Also, they have been debarred for a period of six months to one year from "being appointed as an auditor or internal auditor or from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate". Out of the 18 auditors, 4 have been debarred for 6 months and the remaining 14 auditors have been restrained for 1 year. Following media reports of alleged siphoning of public money of around Rs 31,000 crore and the Enforcement Directorate's reported action in April 2020 on an alleged banking fraud of about Rs 3,700 crore by the