Indiabulls Housing Finance: SS Mundra Replaces Sameer Gehlaut As Chairman
Sameer Gehlaut has taken up the position of chief executive officer of another listed firm promoted by him.
Mortgage player Indiabulls Housing Finance Ltd. on Wednesday said former RBI Deputy Governor S S Mundra has been appointed as its non-executive chairman with immediate effect.
Mundra had joined the company’s board in 2018 as an independent director.
In a filing to stock exchanges the company said Promoter and Executive Chairman Sameer Gehlaut has taken up the position of chief executive officer of another listed firm promoted by him -- Indiabulls Ventures Ltd. and hence is stepping down as chairman of IHFL.
"Subhash Sheoratan Mundra, ex-deputy governor of the Reserve Bank of India, who joined the Board of Indiabulls Housing Finance in 2018 as an independent director, has been appointed by the Board as non-executive chairman of the company with immediate effect," IBH said in a release.
Commenting on his appointment, Mundra said, "I am happy to take over as the non-executive chairman of Indiabulls Housing Finance. The company has taken significant strides over the years under the able leadership of Mr Gehlaut, and the Board appreciated his desire to engage in another phase of institution building."
Going forward, Gehlaut will focus full time on the chief executive's role at Indiabulls Ventures for growing its consumer business in finance and healthcare on App Dhani, the company said.
Gehlaut will also serve as non-executive, non-independent director of Indiabulls Housing Finance Ltd.
As per regulations for listed companies, an individual cannot hold executive positions in two listed companies, the release said.