Sameer Gehlaut, the promoter of Indiabulls Housing Finance, has resigned from the Non-Executive Director post of the company with effect from March 14, 2022. The board of the company on Tuesday approved the request of Gehlaut for reclassification of his status from the ‘Promoter and Promoter Group’ entities to the ‘Public’ category. The company’s shares rose 4.69 per cent on Tuesday.
In December 2021, Sameer Gehlaut had sold about 12 per cent of his stake in the company, bringing his holding down from nearly 22 per cent to under 10 per cent. In his letter to the board then, which was filed by the company with the stock exchanges, Sameer stated that his intention in cutting his stake was with a vision of making 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 company, which as per his letter, he intends to hold on to participate in the future growth of the company. Indiabulls Housing began the process of institutionalizing the company in 2019, when at the group level Indiabulls decided to exit the real estate business, run through Indiabulls Real Estate. IBREL is now in the final 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 company resigned as non-executive director of Dhani Services Ltd (formerly Indiabulls Ventures), Dhani Loans and Services (formerly 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.