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The three promoters of Indiabulls Group, Sameer Gehlaut, Rajiv Rattan and Saurabh Mittal have mutually decided to reorganise management control of the group’s entities among themselves to accord greater focus to each of them.
The group has interests in housing finance, real estate, securities and power.
The restructuring is effective July 9, the company said in a communiqué to the stock exchanges.
Gehlaut will retain control over Indiabulls Housing Finance, Indiabulls Real Estate, Indiabulls Securities and Indiabulls Wholesale Services.
Rajiv Rattan and Saurabh Mittal will relinquish all control, management and oversight in these businesses. Saurabh Mittal and Rajiv Rattan will step down from the board of IBHFL. Rajiv Rattan and Saurabh Mittal will control and supervise the power business.
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