Indiabulls Real Estate Board to Re-Designate Sameer Gehlaut

The Board of Directors of Indiabulls Real Estate Ltd (IBREL) has approved a proposal to re-appoint co-founder Sameer Gehlaut as a public shareholder of a developer. The company said it had received requests from it and several other entities that collectively own 0.26% of the company's shares to classify them as a public directory of the previous promoter and group of promoters. This proposal was approved by the Board of Directors at the meeting. IBREL further added that after receiving the necessary approvals and complying with applicable law, these departing promoters will be stripped of their management rights and will be classified as public shareholders. The latest developments come just days after Gehlaut sold an 11.9% stake in Indiabulls Housing Finance Company, in the direction of de-parameterizing the company. He previously resigned as executive chairman of Indiabulls Housing. Gehlaut has revealed that he will step down from the board of Indiabulls Housing Finance at the end of the current financial year and that he will complete the depromotor process with the necessary approvals.