Sammaan Capital Stock Plunges Amidst SC Directives

Shares of Sammaan Capital Ltd. (formerly Indiabulls Housing Finance) experienced a significant decline, falling 13% to close at ₹159.25, following a directive from the Supreme Court (SC). The SC has ordered the Central Bureau of Investigation (CBI) to file a First Information Report (FIR) regarding allegations against the company, stemming from a Public Interest Litigation (PIL). The Court also critically questioned the investigative efforts of the CBI, the Ministry of Corporate Affairs (MCA), and the perceived "reluctance" of the market regulator SEBI to probe the allegations, despite being granted jurisdiction. The SC, however, clarified that it has not expressed any opinion on the merits of the allegations themselves. In response, Sammaan Capital issued a statement asserting that the allegations remain unsubstantiated. The company highlighted its status as a professionally-run entity, with LIC and BlackRock noted as the largest shareholders. Furthermore, the company stressed that the erstwhile promoter, Sameer Gahlaut, exited the firm and is no longer a shareholder since 2022-2023. The Enforcement Directorate (ED) has assured a joint inter-agency meeting (including SBI, SEBI, and SFIO) in the next two weeks. The SC is scheduled to hear the matter next on December 17.