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Indiabulls Real Estate on Thursday informed the stock exchanges that Sameer Gehlaut will be leaving the office of non-executive director and chairman of the company by the end of the year.

Sameer Gehlaut submitted his resignation effective from 31 December 2021, the company said.

An engineer from Indian Institute of Technology (IIT), Delhi, Gehlaut started online brokerage Indiabulls with two college friends in 1999. He took the company public in 2004 and moved into real estate scooping up prized land in Mumbai in public auctions.

Indiabulls said Sameer Gehlaut will focus on business of providing technology enabled transaction finance and primary healthcare services by Dhani Services Ltd, of which he is the founder promoter, chairman and CEO.

Indiabulls recorded a profit of 5.53 crore in the second quarter of the current fiscal as against a loss of 76.13 crore in the same period last year.

Meanwhile, revenue came in at 349.31 crore when compared to 20.14 crore in the last year period.

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