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Sammaan Capital rebounds 4% after two-day 14% slide as company clarifies
Sammaan Capital share price rebounds 4% after two-day 14% slide after company issues clarification; here's what it said
Sammaan Capital share price: Shares of Sammaan Capital, formerly Indiabulls Housing Finance Limited, saw its stock rebound almost 4% after the company issued a detailed clarification addressing concerns arising from media reports about Supreme Court proceedings held on November 19.
In its media statement, Sammaan Capital clarified that the Supreme Court made no negative observations against the company. The court also explicitly stated, “we have not expressed any opinion against Sammaan Capital Limited. It added that the court has not directed any FIR to be registered against it. Instead, the bench has asked senior officials to examine the allegations raised in the petition and file a joint affidavit before the next hearing.
“There are no open investigations pertaining to the allegations in the PIL against SCL with any investigative agencies such as CBI, ED, EOW or any regulatory/statutory bodies viz RBI, NHB, SEBI, MCA, SFIO etc,” the filing stated, reaffirming that no authority has found wrongdoing on the company's part.
Company Clarification
The clarification underscored that Sammaan Capital is a promoter-less, professionally managed company, with more than four lakh shareholders. The erstwhile promoter, Sameer Gehlaut, has completely exited the firm and does not hold even a single share since 2023. The company added that it has no dealings with him and that the “Indiabulls” brand name has long been sold and transferred.The media statement said, "Mr. Gehlaut has fully exited his shareholding in SCL and does not hold a single share in the Company since 2023. SCL is today a promoter-less, board run, professionally managed, diversely held financial institution."
Sammaan Capital said the loans that formed the basis of the PIL are now fully repaid, with three of them cleared back in 2019 and the remaining two showing zero outstanding balance today. The company described itself as a law-abiding institution and said it will fully cooperate in enabling the filing of the joint affidavit as directed by the Supreme Court.
Sammaan Capital added that with the Supreme Court's specific clarification and the matter now centered only around the former promoter, it is hopeful of a “final resolution” to a PIL that has stretched on for over six years.
The company also reiterated that both IHC and Sammaan Capital remain focused on obtaining the required approvals for completing the transaction that will make IHC the new promoter.
What triggered investor concerns?
The matter stems from a Public Interest Litigation (PIL) filed in 2019 by the Citizen Whistle Blower Forum, led by Prashant Bhushan, which alleged irregularities in Sammaan Capital's lending practices involving five borrower group companies, along with claims of a possible quid pro quo involving the firm's erstwhile promoter, Sameer Gehlaut.The petitioner further alleged that Indiabulls Housing Finance promoter Sameer Gehlaut had left India to settle in London, where he had acquired multiple five-star hotels, aircraft and yachts. The forum also claimed that the public's shareholding had been effectively diverted to Gehlaut, arguing that these issues warranted a detailed investigation.
Despite statutory bodies — including the RBI, NHB, SEBI and MCA — filing affidavits stating they found no wrongdoing, the PIL remained active until the Delhi High Court dismissed it in February 2024. The petitioners subsequently appealed the decision before the Supreme Court in October 2024.
The Supreme Court directed senior officials to examine allegations concerning the five borrower groups that received loans from Indiabulls Housing Finance (now Sammaan Capital) between 2014 and 2017.
What does Sammaan's lawyer say?
On Wednesday, senior advocate Mukul Rohatgi, who represents Sammaan Capital, said the company is not a defaulter and does not have a pending case or investigation against it.“It is not a defaulter...It has no pending case or investigation against it. The petition was first filed before the high court. All authorities examined everything and found nothing wrong,” Rohatgi told the media on Wednesday. Rohatgi stated that the authorities examined everything and found nothing wrong, whereas the petitioner claims that the promoter has left the country and settled in England.
Sammaan Capital Stock Performance
The NBFC stock rebounded as much as 3.8% to its day's high of ₹163.15. This comes after a 14% fall in the last 2 sessions.It is now 15.4% away from its 52-week high of ₹192.90, hit earlier this month on November 3. Meanwhile, it has surged 67% from its5 2-week low of ₹97.80, hit in April 2025.
The scrip has given positive returns in the near past, rising 4% in last 1 year, 34% in last 6 months, and 31.5% in past 3 months. However, it has shed 7.5% in last 1 month.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
Source: LiveMint
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