Sameer Gehlaut resigns as non-exec director of Indiabulls Housing, requests his holdings be classified as 'public'

Indiabulls Housing Finance promoter and founder Sameer Gehlaut has resigned as non-executive director, effective March 14, the company said in an exchange filing on Monday. Earlier in December, the company had said that Gehlaut will resign from the board by the end of the fiscal.

Gehlaut, who has 9.71 percent stake in the company, has requested that his holdings be classified as 'public' from 'promoter'. The IHF promoter has no control over the company or its day-to-day activities.

"We are beginning a new journey today at Indiabulls Housing. Sameer Gehlaut has resigned from the board and we have a board meeting today to consider approving depromoterisation, subject to requisite approvals," the company added.

"I have resigned from the Board of Dhani to fully focus on and institutionalize Indiabulls Housing(IBHFL). The plan is to work under the guidance of Mr Mundra(former Deputy Governor of RBI and Non Executive Chairman of the Board) and other Board members besides institutional shareholders and other stakeholder to scale up the company to the next level as a large mortgage originator," Gehlaut said.

The company will consider Gehlaut’s request for classification of his holdings as ‘Public’ today.