Sameer Gehlaut has resigned from the Non-Executive Director post of Indiabulls Housing Finance, with effect from March 14, 2022.
Sameer Gehlaut wrote in his resignation letter that he had decided to relinquish his existing position as Non-Executive Director of the Company and accordingly submit my resignation as a Non-Executive Director of the Company effective March 14, 2022.
I had, through my promoter companies, recently sold 11.9% stake in it and now own 9.71%, which I intend to hold as its public shareholder to participate in its future growth story, "Gehlaut added in the letter.
Gehlaut will also be resigning from the Board of the Company by the end of the current financial year, March 31, 2022.
Gehlaut earlier announced that he would exit the board this fiscal year and continue to remain a minority stakeholder only. IB Housing will become a "fully professionally managed and run company."
Gehlaut said in December, "I will be resigning from the board of the company by end of the current fiscal year ending March 31st, 2022, and will be completing the process of de-promotorisation of the company with requisite approvals."
Outgoing promoters' holdings in the company will be reclassified as a public category and will not have any control over the company.
Indiabulls Housing Finance has said that the day-to-day affairs/operations/activities are controlled and managed professionally by its management team and board of directors. 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, it said, adding that they do not exercise any control over the company, its business and policy decisions - directly or indirectly.