Indiabulls Housing Finance: Promoter Sameer Gehlaut steps down, Gagan Banga exits Dhani

Indiabulls Housing Finance promoter Sameer Gehlaut has stepped down. Additionally, Gagan Banga exits Dhani Services in a move to fully focus on Indiabulls Housing Finance. Gagan Banga, Vice Chairman and MD of Indiabulls Housing Finance discussed all this and more.

The exit of Sameer Gehlaut from Indiabulls Real Estate happened over the course of the last two and a half years. That company should get renamed to Embassy Developments Ltd by June or so this year, he said.

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“Indiabulls Housing Finance then had to start the process of depromoterisation, prior to which we wanted to make sure that we had adequate talent on the board to be able to guide the management team in a manner that this can evolve itself to be a financial institution. The other thing that we needed to do was to make the board absolutely independent and not have any overlaps with Dhani or any of the other group companies. As we speak and stand today, there is no overlap, the board is extremely capable – all the aspects of business which are important on a day-to-day basis are already there,” he explained.

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