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Sameer Gehlaut steps down as Indiabulls Housing chairman; SS Mundra to take on the mantle

Gehlaut said he has taken up the position of Chief Executive Officer of Indiabulls Ventures and going forward he would like to focus full time on growing its consumer business in finance and healthcare

twitter-logoBusinessToday.In | August 12, 2020 | Updated 18:34 IST
Sameer Gehlaut steps down as Indiabulls Housing chairman; SS Mundra to take on the mantle
Indiabulls Housing Finance board has unanimously selected SS Mundra as a Non-executive Chairman

Sameer Gehlaut has resigned as the Executive Chairman of Indiabull Housing Finance with immediate effect, the company said in an exchange filing on Wednesday. He has now been designated as Non-Executive, Non-independent Director of the company.

"Gehlaut informed the board that he has taken up the position of Chief Executive Officer of another listed company promoted by him - Indiabulls Ventures Ltd and going forward he would like to focus full time on the Chief Executive's role for growing its consumer business in finance and healthcare on App Dhani," Indiabulls Housing Finance told the exchanges after its board meeting today.

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After stepping down, Gehlaut suggested the name of Subhash Sheoratan Mundra for the post of Non-executive Chairman of the company, which was unanimously approved by the board of directors. Mundra is a former Deputy Governor of the Reserve Bank of India and sits on Indiabulls Housing board as an Indepedent Director. The board noted that the appointment of Mundra as Non-Executive Chairman will ensure high standards of professionalism and governance of the Company, the housing finance company said in its statement.

Mundra has a four-decade-long career in the banking industry, during which he has held high level positions, including Chairman and Managing Director of Bank of Baroda, Executive Director of Union Bank of India, CEO of Bank of Baroda (European Operations), amongst others. He has also been a Deputy Governor of the Reserve Bank of India, from where he finally demitted his office in July 2017.

Mundra has expertise in banking, supervision, management and administrative matters. During his career, he has handled diverse portfolios, like core central banking, commercial banking - both wholesale and retail, banking regulation and supervision, financial markets, treasury management, planning, economic research, investment banking, risk management, international banking, etc, Indiabulls Housing stated.

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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 and organisations like the Governing Council of National Institute of Bank Management (NIBM), Governing Council Centre for Advanced Financial Research and Learning (CAFRAL), and Governing Council Indian Institute of Banking and Finance (IIBF).

Before joining the RBI, Mundra also served on the Boards of several multi-dimensional companies like the Clearing Corporation of India Ltd (CCIL), Central Depository Services (India) Ltd (CDSL), BOB Asset Management Company, India Infrastructure Finance Corporation (UK) Ltd (IIFCL), IndiaFirst Life Insurance Company Ltd, Star Union Dai-Ichi Life Insurance company Ltd, National Payments Corporation of India (NPCI), etc.

As of now, Mundra also sits on the Board of Bombay Stock Exchange Limited, DSP Investment Managers, Havells India, PTC India, Airtel Payments Bank, Acuite Ratings and Research, and Ayana Renewal Power.

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