Indiabulls Housing Finance (IBH) has appointed former RBI deputy governor S S Mundra as its new non-executive chairman with immediate effect.
In 2018, Mundra was appointed as the Independent Director of Indiabulls Housing Finance’s.
In its official communiqué, the company stated that its executive chairman Sameer Gehlaut has joined as the chief executive officer of another listed firm promoted by him — Indiabulls Ventures Ltd.
“Subhash Sheoratan Mundra, ex-deputy governor of the Reserve Bank of India, who joined the Board of Indiabulls Housing Finance in 2018 as an independent director, has been appointed by the Board as non-executive chairman of the company with immediate effect,” IBH said in a release.
On his new appointment, Mundra said, “I am happy to take over as the non-executive chairman of Indiabulls Housing Finance. The company has taken significant strides over the years under the able leadership of Mr Gehlaut, and the Board appreciated his desire to engage in another phase of institution building.”
Former CEO Gehlaut will now be focusing full time on the chief executive’s role at Indiabulls Ventures for expanding its consumer business in finance and healthcare on App Dhani, the company said.
Gehlaut will also be serving as the non-executive, non-independent director of Indiabulls Housing Finance Ltd.
As per regulations for listed companies, an individual cannot be a part of executive positions in two listed companies, the release said.