Sameer Gehlaut, Non-Executive Director of Indiabulls Housing Finance, has resigned.

Gehlaut intends to keep his current 9.71 percent stake in the company. He will, however, have no control over co or its day-to-day operations.

On late Monday night, Indiabulls Housing Finance informed the stock exchanges that Sameer Gehlaut had resigned as the company’s Non-Executive Director with immediate effect.

Gehlaut requested that his holdings in the company be classified as public from the promoter in his resignation letter, which he submitted to the exchanges. He also stated that he intends to keep his current 9.71 percent stake in the company. He will, however, have no control over co or its day-to-day operations.

“I recently sold 11.9 percent of my stake in it through my Promoter Companies and now own 9.71 percent, which I intend to hold as its Public Shareholder to participate in its future growth story,” Gehlaut stated in his letter.

Gehlaut will also resign from the Board of Directors.

Meanwhile, the Gurugram-based mortgage lender has stated that it will consider Gehlaut’s request to classify his holding as ‘public’ today.

Furthermore, Indiabulls stated that the outgoing promoters’ holdings in the company will be reclassified as public, and the outgoing promoters will no longer have control over the company. “… the Outgoing Promoters are not involved in the Company’s day-to-day activities and are not associated with the Company’s business in any way whatsoever, and do not exercise any control over the Company, directly or indirectly, or have any influence over the Company’s business and policy decisions,” the company stated.

Meanwhile, the Gurugram-based mortgage lender has stated that it will consider Gehlaut’s request to classify his holding as ‘public’ today.

Furthermore, Indiabulls stated that the outgoing promoters’ holdings in the company will be reclassified as public, and the outgoing promoters will no longer have control over the company. “… the Outgoing Promoters are not involved in the Company’s day-to-day activities and are not associated with the Company’s business in any way whatsoever, and do not exercise any control over the Company, directly or indirectly, or have any influence over the Company’s business and policy decisions,” the company stated.