India’s Supreme Court on Wednesday, 19 November 2025, directed four major investigative and regulatory agencies — the CBI, ED, SFIO and SEBI — to conduct a detailed probe into allegations linked to Sammaan Capital, formerly known as Indiabulls Housing Finance. The order came after concerns were raised regarding loans granted to five borrower groups during the period 2014–2017.
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The instructions follow a petition filed by the Citizens Whistleblower Forum, which sought an in-depth examination of the company’s past lending practices and the alleged actions of its promoter.
Allegations Raised by the Petitioner
The petition claims that Sameer Gehlaut, the promoter of Indiabulls Housing Finance (now Sammaan Capital), has shifted base from India to London. According to the petitioner, Gehlaut has allegedly acquired luxury assets overseas — including hotels, private aircraft, and yachts — raising questions about the source of his wealth.
The Citizens Whistleblower Forum also alleges that public shareholding has indirectly shifted into the promoter’s control, suggesting the need for a fresh and comprehensive investigation into the company’s operations.
Sammaan Capital’s Legal Stand
Sammaan Capital’s counsel, Senior Advocate Mukul Rohatgi, dismissed the allegations, asserting that neither the company nor its promoters are defaulters. He stated that all relevant authorities had already examined the matter earlier and found no wrongdoing.
“It is not a defaulter. It has no pending case or investigation against it. The petition was first filed before the High Court, and all authorities examined everything and found nothing wrong,” Rohatgi told the media.
He further clarified that the Supreme Court has not made any adverse observations against Sammaan Capital and has only instructed authorities to re-examine the issues. The company, he added, has “no objection” to a fresh inquiry because it believes it has nothing to hide.
The next hearing in this matter is scheduled for 17 December 2025.
Market Reaction: Sammaan Capital Shares Fall Sharply
The Supreme Court’s intervention had an immediate impact on market sentiment. Sammaan Capital’s share price declined 12.47%, closing at ₹159.75, compared to the previous close of ₹182.50. During intraday trading, the stock fell nearly 14%, making it one of the steepest losers of the day.
Over the last five trading sessions, the company’s shares have dropped 11.86%, and the one-month performance shows a decline of 7.90%.
Despite short-term volatility, Sammaan Capital has gained 5.16% over the past year.
According to BSE data, the company’s 52-week high stands at ₹192.90 (3 November 2025), while the 52-week low is ₹97.80 (7 April 2025). As of the latest closing, the firm’s market capitalisation is ₹13,233.10 crore.
Background: Why the Case Matters
The loans granted between 2014 and 2017 — under the company’s earlier identity, Indiabulls Housing Finance — are at the centre of the dispute. The Supreme Court wants clarity on whether these loans were issued in compliance with regulatory norms and whether there were any irregularities in the lending process.
The involvement of four major agencies underscores the seriousness of the court’s concerns:
- CBI to investigate criminal elements, if any
- ED to probe potential money laundering
- SFIO to examine corporate fraud aspects
- SEBI to look at possible violations of capital market regulations
This multi-agency coordination signals a broad-based approach to determine whether the allegations are substantiated or not.
Looking Ahead
With the Supreme Court seeking a fresh probe, Sammaan Capital faces a crucial period as regulatory bodies revisit past transactions. Market analysts expect continued volatility until clarity emerges from the investigations.
The company maintains that it has complied with all requirements and is prepared to cooperate fully with authorities. Investors, regulators, and industry observers now await the next hearing on 17 December, which may define the future trajectory of both the case and the company’s stock.
