Indiabulls Group stks up as SS Mundra to be non-executive chairman of IBHFL

Shares of Indiabulls Group stocks were trading in the positive territory on the BSE on Thursday, a day after the company informed that Subhash Sheoratan Mundra, former deputy governor of Reserve Bank of India (RBI), and an independent director on the board, will be non-executive chairman of Indiabulls Housing Finance (IBHFL). The announcement came after Sameer Gehlaut stepped down as executive chairman of Indiabulls Housing Finance with immediate effect.

"Mr. Gehlaut proposed the name of Mr. Subhash Sheoratan Mundra (Ex-Deputy Governor of 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 Mr Gehlaut, and appointed Mr Mundra as Non-Executive Chairman of the Company with immediate effect," Indiabulls Housing said in its press release. 

At 09:27 AM, shares of Indiabulls Housing Finance were trading 3 per cent higher at Rs 224 on the BSE. The stock hit a high of Rs 227.30 in the early deals against Wednesday's close of Rs 217.95. Indiabulls Ventures, on the other hand, advanced 7 per cent to Rs 169.75 while Indiabulls Ventures partly-paid up shares were trading 9 per cent higher at Rs 80.90. Indiabulls Real Estate was up nearly 3 per cent at Rs 63.75. 

In comparison, the S&P BSE Sensex was quoting 134 points or 0.35 per cent higher at 38,503.75 levels.

Gehlaut, who steered the company since its inception in January 2000, has taken up the position of chief executive of another listed company promoted by him — Indiabulls Ventures. He will also be a non-executive, non-independent director on the board of the housing finance company. Under Gehlaut, the company completed its IPO in 2004 raising Rs 50 crore.

On the other hand, SS Mundra has expertise in banking, supervision, management, and administrative matters. He has also served as RBI’s nominee on the Financial Stability Board (G20 Forum) and its various committees. He was also the Vice-Chairman of OECD’s International Network on Financial Education (INFE). He has also been closely associated with various institutes/organizations like Governing Council of National Institute of Bank Management (NIBM), Governing Council Centre for Advanced Financial Research & Learning (CAFRAL), Governing Council Indian Institute of Banking and Finance (IIBF), the press release added.