Subrata Roy resigns from Sahara Housingfina board

Sahara Group firm Sahara Housingfina Corporation today said that its Promoter-Director Subrata Roy has resigned from the board of the company.

The company, which is part of Roy-led Sahara group and is engaged in the business of providing home loans, did not provide any reasons for the resignation.

"Subrata Roy Sahara, Director (Promoter Director) has tendered his resignation from the directorship of the Company vide his letter dated June 17, 2011," Sahara Housingfina Corporation Ltd (SHCL) said in a regulatory filing to the Bombay Stock Exchange, where the company's shares are listed.

Roy's name has been listed as a promoter-director on the company's website, while previously he has also served as a Chairman.

A group spokesperson could not be contacted over phone despite repeated attempts to get any further details about Roy's resignation and the reasons for the same.

Three Sahara group firms -- Sahara Prime City, Sahara India Corp Investment Ltd and Sahara India Finance and Investment Ltd -- together hold 71.35 per cent stake as promoters of SHCL.

The shares of SHCL today fell nearly 5 per cent at the BSE to close at Rs 77.

As per the company's website, SHCL offers home loans ranging from Rs one lakh to Rs one crore.

Sahara group is currently engaged in a legal battle with market regulator Sebi, which had charged two group companies of indulging in fund raising exercises that were not in compliance with certain regulatory norms.