Sameer Gehlaut has resigned from the office of Non-Executive Director of Indiabulls Housing Finance Company with effect from March 14. In his resignation letter, which the company submitted to the stock exchanges, Gehlaut said he plans to hold on to his 9.71 per cent stake in the company.

His shares, which currently belong to the promoter and promoter group category, will now be reclassified to the public category. In the stock exchange filing, Indiabulls Housing Finance also said the outgoing promoter will not have control over the day-to-day affairs of the company.

“…with a  view to have the company’s business operations independent, the company, its management and day to day affairs/operations/ activities are being controlled and managed professionally, by its management team and board of directors, and the 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 whatsoever, and do not exercise any control over the company, directly or indirectly, or have any influence over the business and policy decisions of the company,” it said.

Gagan Banga’s full focus

Meanwhile in a separate stock exchange filing on Tuesday, Indiabulls Housing Finance said its Vice Chairman, Managing Director and CEO, Gagan Banga, has resigned as Non-Executive Director of Dhani Services, Dhani Loans and Services and Indiabulls Distribution Services with effect from March 14.

“Banga will focus his full time attention on affairs of the company,” the company said.

The board of Indiabulls Housing Finance also met on Tuesday and took note of Gehlaut’s resignation and approved the proposal for reclassification of his shares. The board has called for an EGM on April 18 to seek authorisation from shareholders to approve the proposal to reclassify Gehlaut’s shares.

“Post his resignation, the board comprises of five independent directors and four executive directors,” it said.

The company had in December 2021 announced that Gehlaut will resign at the end of the current fiscal after selling 11.9 per cent stake in the firm. Indiabulls Housing Finance scrip closed 4.96 per cent higher at ₹157.35 apiece on BSE on Tuesday.