Indiabulls Housing Finance's Sameer Gehlaut resigns as Non-Executive director
Gehlaut intends to hold his current stake of 9.71 per cent in company. However, he will have no control over co or its day-to-day activities.
- Mar 15, 2022,
- Updated Mar 15, 2022 10:10 AM IST
Indiabulls Housing Finance on late Monday night informed the stock exchanges that Sameer Gehlaut has resigned from the company's Non-Executive Director post with immediate effect.
In his resignation letter submitted to the exchanges, Gehlaut added that he requested his holdings in the company to be classified as public from promoter. He also mentioned that he intends to hold his current stake of 9.71 per cent in company. However, he will have no control over co or its day-to-day activities.
" l had through my Promoter Companies, recently sold 11.9% stake in it and now owns 9.71% which I intend to hold as its Public Shareholder to participate in its future growth story," Gehlaut stated in his letter.
Gehlaut will also be resigning from the Board of the Company by the end of the current financial year, March 31, 2022.
Meanwhile, the mortgage lender headquartered in Gurugram stated that it will consider Gehlaut’s request for classification of his holding as ‘public’ today.
Further, Indiabulls also stated that the outgoing promoters holdings in the company will be reclassified as public category and outgoing promoters will not have any control over the company. "... the Outgoing Promoters are not involved in the day-to-day activities of the Company and are not associated with the business of the Company, in any manner whatsoever, and do not exercise any control over the Company, directly or indirectly, or have any influence over the business and policy decisions of the Company," the company stated.
The company also informed that Gagan Banga will remain its CEO.
Sameer Gehlaut is the founder and chairman of the Indiabulls Group, a diversified financial services group with businesses in housing and consumer finance through independent and listed companies in the Indian stock exchanges.
Shares of Indiabulls Housing Finance Limited on Tuesday traded 8.15 per cent higher at Rs 162.55 apiece on BSE during early trade hours.
Indiabulls Housing Finance on late Monday night informed the stock exchanges that Sameer Gehlaut has resigned from the company's Non-Executive Director post with immediate effect.
In his resignation letter submitted to the exchanges, Gehlaut added that he requested his holdings in the company to be classified as public from promoter. He also mentioned that he intends to hold his current stake of 9.71 per cent in company. However, he will have no control over co or its day-to-day activities.
" l had through my Promoter Companies, recently sold 11.9% stake in it and now owns 9.71% which I intend to hold as its Public Shareholder to participate in its future growth story," Gehlaut stated in his letter.
Gehlaut will also be resigning from the Board of the Company by the end of the current financial year, March 31, 2022.
Meanwhile, the mortgage lender headquartered in Gurugram stated that it will consider Gehlaut’s request for classification of his holding as ‘public’ today.
Further, Indiabulls also stated that the outgoing promoters holdings in the company will be reclassified as public category and outgoing promoters will not have any control over the company. "... the Outgoing Promoters are not involved in the day-to-day activities of the Company and are not associated with the business of the Company, in any manner whatsoever, and do not exercise any control over the Company, directly or indirectly, or have any influence over the business and policy decisions of the Company," the company stated.
The company also informed that Gagan Banga will remain its CEO.
Sameer Gehlaut is the founder and chairman of the Indiabulls Group, a diversified financial services group with businesses in housing and consumer finance through independent and listed companies in the Indian stock exchanges.
Shares of Indiabulls Housing Finance Limited on Tuesday traded 8.15 per cent higher at Rs 162.55 apiece on BSE during early trade hours.