Indiabulls Housing non-exec dir Sameer Gehlaut resigns

Sameer Gehlaut, the promoter of Indiabulls Housing Finance, has resigned from the Non-Executive Director put up of the corporate with impact from March 14, 2022. The board of the corporate on Tuesday accredited the request of Gehlaut for reclassification of his standing from the ‘Promoter and Promoter Group’ entities to the ‘Public’ class. The firm’s shares rose 4.69 per cent on Tuesday.

In December 2021, Sameer Gehlaut had offered about 12 per cent of his stake within the firm, bringing his holding down from almost 22 per cent to beneath 10 per cent. In his letter to the board then, which was filed by the corporate with the inventory exchanges, Sameer acknowledged that his intention in chopping his stake was with a imaginative and prescient of constructing Indiabulls Housing Finance a “best in class, professionally run and innovative financial institution with a strong balance sheet, liquidity and corporate governance”.

Gehlaut, now owns 9.7 per cent of the corporate, which as per his letter, he intends to carry on to take part sooner or later progress of the corporate. Indiabulls Housing started the method of institutionalizing the corporate in 2019, when on the group stage Indiabulls determined to exit the true property enterprise, run by means of Indiabulls Real Estate. IBREL is now within the remaining leg of its merger with the Blackstone promoted Embassy Group.

Thereafter, in 2020, Gehlaut relinquished chairmanship of the board of Indiabulls Housing and SS Mundra, former RBI Deputy Governor, took over as Chairman.

Meanwhile, Gagan Banga, vice chairman, MD and CEO of the corporate resigned as non-executive director of Dhani Services Ltd (previously Indiabulls Ventures), Dhani Loans and Services (previously Indiabulls Consumer Finance) and Indiabulls Distribution Services, w.e.f. March 14, 2022. Banga will focus full time on the affairs of Indiabulls Housing Finance.