Indiabulls Real Estate MD Johnson quits, Sachin Shah appointed as ED

Indiabulls Real Estate MD Johnson quits, Sachin Shah appointed as ED

To ensure a smooth transition, Johnson will continue to serve as a non-executive, non-independent director of the company until the end of March

FPJ Web DeskUpdated: Tuesday, February 28, 2023, 11:18 AM IST
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Indiabulls Real Estate MD Johnson quits, Sachin Shah appointed as ED | Image: Indiabulls (Representative)

Indiabulls Real Estate Ltd's board has approved the appointment of President Sachin Chittaranjan Shah as additional director with the designation of executive director for a five-year tenure, the company said in an exchange filing.

Mehul Johnson's resignation as managing director on Monday for personal reasons and prior commitments led to Shah being given the additional responsibility, according to the real estate giant.

To ensure a smooth transition, Johnson will continue to serve as a non-executive, non-independent director of the company until the end of March.

The appointment of Shyamm Mariwala, Javed Faizullah Tapia, and Tarana Suresh Lalwani as additional independent directors for a period of three years has also been approved by the company's board.

Shares of the company traded down 3% at ₹59.15 on NSE at 09:25 IST.

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