Sameer Gehlaut steps down as Executive Chairman of Indiabulls Housing

Shares of Indiabulls Group stocks were trading in the positive territory on the BSE on Thursday, a day after the company informed that Subhash Sheoratan Mundra, former deputy governor of Reserve Bank of India (RBI), and an independent director on the board, will be non-executive chairman of Indiabulls Housing Finance (IBHFL). The announcement came after Sameer Gehlaut stepped down as executive chairman of Indiabulls Housing Finance with immediate effect.

"Mr. Gehlaut proposed the name of Mr. Subhash Sheoratan Mundra (Ex-Deputy Governor of Reserve Bank of IndiaBank of IndiaBank of India and an Independent Director on the Board of the Company) for the position of Non-Executive Chairman of the Company. The Board of Directors of the Company unanimously agreed with the suggestion made by Mr Gehlaut, and appointed Mr Mundra as Non-Executive Chairman of the Company with immediate effect," Indiabulls Housing said in its press release.

At 09:27 AM, shares of Indiabulls Housing Finance were trading 3 per cent higher at Rs 224 on the BSE. The stock hit a high of Rs 227.30 in the early deals against Wednesday's close of Rs 217.95. Indiabulls Ventures, on the other hand, advanced 7 per cent to Rs 169.75 while Indiabulls Ventures partly-paid up shares were trading 9 per cent higher at Rs 80.90. Indiabulls Real Estate was up nearly 3 per cent at Rs 63.75.