Sameer Gehlaut, who founded Indiabulls Group with two others 20 years ago before splitting it in 2014, has stepped down as the executive chairman of Indiabulls Housing Finance Ltd.
The mortgage lender said in a statement Gehlaut has relinquished the office of executive chairman with immediate effect. He will remain on the board as a non-executive, non-independent director.
Also, Gehlaut has taken over as the CEO of another group company, Indiabulls Ventures Ltd, and will focus on growing its consumer business in finance and healthcare.
Subhash Sheoratan Mundra, a former deputy governor of the Reserve Bank of India and an independent director on the Indiabulls Housing board, has been named the non-executive chairman of the company.
Indiabulls Housing didn’t specify any reason for Gehlaut’s resignation.
The move comes less than a year after Indiabulls Housing’s failed attempt to merge with Lakshmi Vilas Bank.
Gehlaut has also exited more of its real estate business. Last month, he ceased to be a promoter of Indiabulls Real Estate Ltd after Embassy Group decided to take control of the Mumbai-listed developer. He has sold a bunch of his assets, under Indiabulls Real Estates and otherwise, to move away from the sector.
Gehlaut had set up Indiabulls Group in 2000 along with Saurabh Mittal and Rajeev Rattan. The partners separated in 2014.
Gehlaut retained bulk of the business including housing finance, securities and real estate while Rattan and Mittal get sole control of power and infrastructure businesses. Rattan and Mittal also gave up on the Indiabulls brand.