On Wednesday, Mortgage player Indiabulls Housing Finance(IBH)said that former RBI deputy governor SS Mundra has been appointed as its non-executive chairman with immediate effect.
Mundra as an independent director joined the board of IBH in 2018. The company said its executive chairman Sameer Gehlaut has taken up the charge of 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, joined the board of Indiabulls Housing Finance in 2018 as an independent director, now appointed as non-executive chairman of the company by the board with an immediate effect, ” said IBH in a release.
Addressing his appointment, Mundra said, ” I am happy to take over as the non-executive chairman of Indiabulls Housing Finance. The company has taken significant long step over the years under the able leadership of Mr Gehlaut, and the Board appreciated his wish to engage in another phase of institution building.”
The company said, in coming days, Gehlaut focus will be full time on the chief executive’s roles at Indiabulls Ventures for growing its consumer business in finance and healthcare on App Dhani.
Gehlaut will also serve as non-executive, non-independent director of Indiabulls Housing Finance Ltd. The release said that according to the regulation for the listed companies, an individual cannot hold executive position in two listed companies,