Shares of Sammaan Capital Plunge As SC criticizes CBI Probe Against Firm
The court will hear the case next on December 17.In response, Sammaan Capital said in a statement that none of the
Mumbai:Shares of Sammaan Capital Ltd, formerly known as Indiabulls Housing Finance fell sharply on Wednesday after the Supreme Court ordered the Central Bureau of Investigation (CBI) to file an FIR in the case involving the company. Sammaan Capital closed at Rs 159.75 on the BSE, down 12.47 per cent and nearly 19 per cent below its 52-week high of Rs 192.90.
The apex court was hearing a plea by Citizens Whistle Blower Forum, seeking a probe into alleged irregularities by the company's promoters, including round-tripping of capital, violations of provisions of The Companies Act, and siphoning of funds. During the hearing, the Supreme Court criticized multiple investigative agencies including CBI, SEBI, Ministry of Corporate Affairs for what it described as a 'friendly approach' in the probe into alleged financial irregularities and suspected money laundering involving the company. The Court expressed concern about the pace of the inquiry and noted that the agencies did not appear eager to move forward, despite the seriousness of the allegations they had been presented with.
The Court asked senior officers of the CBI, ED, the Serious Fraud Investigation Office, and the SEBI to convene a joint meeting within two weeks to "objectively" examine the issues of "irregularities" raised by the petitioner against Sammaan Capital Ltd.
The court will hear the case next on December 17.In response, Sammaan Capital said in a statement that none of the
allegations in the petition have been substantiated and that the company is professionally-run, with LIC and BlackRock being the largest shareholders. The company said that the erstwhile promoter Sameer Gahlaut had exited the company back in 2022-2023 and is not a shareholder.
