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Indiabulls Housing’s senior management takes 35% pay cut

The senior management of Indiabulls Housing Finance has decided to take an average of 35% pay cut for the current financial year. 

In a regulatory filing, the housing finance company said, “The senior management of the Company has decided to lead the efforts on expense control by volunteering to take pay cuts up to an average of 35% for the current financial year.”

The statement also added that Indiabulls Housing Chairman Sameer Gehlaut will take a NIL salary while the Vice-Chairman and MD & CEO Gagan Banga has opted to take a 75% cut on his salary.

Credit rating agency ICRA last week downgraded the outlook on the long-term ratings of Indiabulls Housing to negative. The downgrade, ICRA said, is due to the heightened risk from its investment in Yes Bank’s additional Tier 1 bonds and loans extended to companies related to Yes Bank promoter Rana Kapoor. 

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