Sameer Gehlaut steps down as Executive Chairman of Indiabulls Housing

Gehlaut has taken up the role of Non-Executive, Non-Independent Director of the company

Sameer Gehlaut has stepped down as the Executive Chairman of Indiabulls Housing Finance and taken up the role of Non-Executive, Non-Independent Director of the company.

In a regulatory filing on Wednesday, the company said that Gehlaut informed the board that he has taken up the position of Chief Executive Officer of another listed company promoted by him, Indiabulls Ventures. Going forward, he said, he would like to focus full time on the Chief Executive's role for growing its consumer business in finance and healthcare on App Dhani.

Subhash Sheoratan Mundra, former Deputy Governor of Reserve Bank of India and an Independent Director on the Board of Indiabulls Housing Finance, has been appointed as the Non-Executive Chairman of the company.

Noting that Gehlaut proposed the name of Mundra as the Non-Executive Chairman, the filing said: "The company Board of Directors unanimously agreed with the suggestion made by Gehlaut, and appointed Mundra as the Non-Executive Chairman of the company with immediate effect."

Gehlaut has steered the company for over 20 years since its inception in January 2000.

The filing noted that new Chairman Mundra has an over four-decade-long career, during which he held various high positions, including CMD of Bank of Baroda, Executive Director of Union Bank of India, Chief Executive of Bank of Baroda (European Operations), and the RBI Deputy Governor.