Sameer Gehlaut steps down as Indiabulls exec chairman

Sameer Gehlaut has stepped down as the Executive Chairman of Indiabulls Housing Finance and henceforth will only be a Director in the company. Gehlaut is the founder of the company.

In a regulatory filing, Indiabulls Housing Finance said that Sameer Gehlaut has relinquished the office of Executive Chairman with immediate effect and he has been re-designated as Non-Executive, Non-Independent Director of the company.

"Further, Gehlaut informed the board that he has taken up the position of Chief Executive Officer of another listed company promoted by him -- Indiabulls Ventures Ltd -- and going forward he would like to focus full-time on the Chief Executive's role for growing it's consumer business in finance and healthcare on the Dhani App," the filing said.

Gehlaut proposed the name of Subhash Sheoratan Mundra (former Deputy Governor of the Reserve Bank of India and an independent director on the board of the company) for the position of Non-Executive Chairman of the company.

The Board of Directors of the company unanimously agreed with the suggestion made by Gehlaut, and appointed Mundra as Non-Executive Chairman with immediate effect.

The board also thanked Gehlaut for his services as Executive Chairman, and for steering the company for over 20 years since its inception in January 2000.

The board noted that the company completed its IPO in 2004 raising Rs 50 crore. Since the company's IPO in September 2004 at Rs 19 per share till date, for a period of more than 15 years, the company has delivered compounded annual returns of 23 per cent to its shareholders, including the dividends paid.

Indiabulls Housing Finance is India's third largest housing finance company.