Sammaan Capital says open to inquiry after SC questions agencies, SEBI’s lenient approach in earlier probe

Sammaan Capital, formerly Indiabulls Housing Finance, is a publicly listed company with no defaults, no outstanding dues and no investigations or proceedings pending before any regulatory or enforcement agency, says Mukul Rohatgi
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DHIRAJ SINGH

Sammaan Capital, formerly Indiabulls Housing Finance, on Wednesday said it has no objection to the Supreme Court’s order instructing investigative agencies to conduct a fresh probe into alleged irregularities by the company’s previous promoter. The company’s shares tanked around 13 per cent in intra-day trading today, closing 12 per cent lower at ₹160 on the BSE.

“We have no objection to this process. Since there is no allegation from any authority against Sammaan Capital, we are fully open to any inquiry the agencies may wish to conduct — once, twice, or even thrice. We have nothing to hide,” said Mukul Rohatgi, senior advocate and counsel for Sammaan Capital.

According to a PTI report, India’s apex court questioned the CBI and SEBI’s “reluctance” to probe allegations of “dubious transactions” against Sammaan Capital. It ordered the agency’s director to hold a meeting with SEBI, SFIO and ED to look into the matter. The bench was led by CJI Surya Kant.

The court said that in the meeting to be held by the CBI director, the closure of cases against Sammaan Capital by the Ministry of Corporate Affairs shall not be an impediment and all allegations levelled by NGO ‘Citizens Whistle Blower Forum’, represented by advocate Prashant Bhushan, shall be investigated.

Rohatgi said Sammaan Capital is a publicly listed company with no defaults, no outstanding dues, and no investigations or proceedings pending before any regulatory or enforcement agency, including SEBI, RBI, the Ministry of Corporate Affairs, or the CBI.

This position was earlier placed before the High Court as well, Rohatgi says, where all regulators had already given a clean chit. “The present petition before the Supreme Court does not contain any allegation against Sammaan Capital. The Court has referred to concerns raised about the previous promoter, Sameer Gehlaut, who has no shareholding or involvement in the company today. The Court has clarified in its order that it has made no observations on the merits of these allegations and has merely permitted the authorities to re-examine the matter,” he said.

The SC order jeopardises the proposed $1 billion investment in the NBFC by Abu Dhabi’s International Holding Company. The order “creates a significant regulatory overhang that can temporarily depress valuation, raise compliance costs and slow business expansion, thereby affecting IHC’s expected returns and timelines from its ₹8,850-crore investment,” said Akshat Khetan, Founder, AU Corporate Advisory and Legal Services.

He, however added, “because the probe targets historical issues linked to former promoters and not the new IHC-led structure, the impact is more about short-term uncertainty and market sentiment (as seen in the 13–14% share drop) than an immediate threat to the investment itself, meaning that if investigations conclude without major findings, IHC could ultimately benefit from acquiring control at a time when sentiment is weak.”

The company said, “The incoming promoter IHC is fully abreast of the case and the proceedings, and has confirmed to SCL that today’s developments would have no impact on the proposed transaction.”

But an “incoming investor who will acquire 60 per cent will be worried about any potential liabilities,” said Shriram Subramanian, Founder and MD of InGovern Research Services, adding the transaction may face a delay. He said that SEBI may also delay the approval process for open offer till investigation is completed.

“IHC will have to treat this as a potential ‘material adverse event,’ pause aggressive integration plans, reopen the valuation logic, and insist on iron-clad indemnities and walk-away rights before closing,” said Sonam Chandwani, Managing Partner, KS Legal & Associates.

Published on November 19, 2025