Indiabulls founders agreed on an amicable split
Indiabulls Housing Finance is considered as the most valuable company in the diversified group. However the three founders of the Indiabulls group agreed on an amicable split. A shareholder proposed resolutions aimed at removing promoters Rajiv Rattan and Saurabh Mittal, along with three independent directors, from the board of Indiabulls Housing Finance.
The identity of the shareholder or shareholders is not known. According to a report by proxy advisory firm Stakeholders Empowerment Services (SES), this notice was sent on July 6. This firm has started highlighting the developments in this regard.
The settlement among the three founders was announced on July 9. Sameer Gehlaut, Rajiv Rattan and Saurabh Mittal are batch mates at the Indian Institute of Technology (IIT) Delhi and had started the company together. From the scratch they had built this company in less than 15 years, and they built home loan and real estate businesses besides foraying into power generation. This group was transformed into a Rs 20,600-crore group. All the 3 IIT alumnus are in their early forties.
Under the terms of the settlement, Gehlaut will control the financial services and real estate businesses and remain in control of Indiabulls Housing Finance while Mittal and Rattan will handle the power generation and EPC (engineering, procurement and construction) arms.
Source- The Economic Times
Indiabulls Group, Indiabulls Housing Finance, Rajiv Rattan, Saurabh Mittal, Stakeholders Empowerment Services
