In a surprise move, Sameer Gehlaut has stepped down as the executive chairman of Indiabulls Housing Finance. He has been re-designated as non-executive, non-independent director of the company. Gehlaut has taken up the position of Chief Executive Officer of Indiabulls Ventures Ltd.
Former RBI Deputy Governor Subhash Sheoratan Mundra has been appointed to the company’s board as a non-executive chairman with immediate effect.
Mundra has held various positions during his four-decade long career, including Chairman and Managing Director of Bank of Baroda, Executive Director of Union Bank of India, Chief Executive of Bank of Baroda (European Operations), amongst others. He was then appointed the deputy governor of RBI, an office he demitted in July 2017.
The change in transition comes at a time when the firm has been facing several challenges as fallout of the disruption caused by Covid-19. The group sometime ago sacked nearly 2000 employees.
Indiabulls housing finance business had posted a fourth quarter post tax loss and its operating profit fell more than 90% as the company sold down loans to raise liquidity.