Indiabulls Housing Finance Ltd on Wednesday said that former deputy RBI governor Subhash Sheoratan Mundra has been appointed as non-executive chairman of the company with immediate effect.

Mundra had joined the board of Indiabulls Housing Finance in 2018 as an independent director.

On his appointment as the chairman of the board, 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 Gehlaut, and the board appreciated his desire to engage in another phase of institution building."

"Indiabulls Housing has a committed management team, and it has done a good job in navigating the present challenging times. I look forward to now working even more closely with the management team, especially with the confidence that the Board and the management is committed to keep striving to deliver strong business growth with high standards of governance backed by strong risk management practises," he said.

The appointment comes after Sameer Gehlaut stepped down as the executive chairman of Indiabulls Housing Finance. Gehlaut has taken up the position of chief executive officer of another listed company promoted by him – Indiabulls Ventures Ltd.

"Going forward, Mundra will focus full time on the chief executive’s role 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. As per regulations for listed companies, an individual cannot hold executive position in two listed companies," Indiabulls said in a press release.

First Published:Aug 12, 2020 6:25 PM IST