SYNOPSIS:
The Supreme Court criticised investigative agencies for slow action on alleged irregularities at an NBFC, urging a CBI FIR, empowering SEBI, and directing a joint review by CBI, ED, SFIO, and SEBI within two weeks.
During Wednesday’s trading session, shares of a company registered with and regulated by the National Housing Bank (NHB) and engaged in providing home loans and loans against property tumbled nearly 14 percent on the stock exchanges. What triggered this steep decline? Let’s explore the details in this article.
With a market cap of Rs. 13,233 crores, shares of Sammaan Capital Limited closed in the red at Rs. 159.75 on BSE, down by around 12 percent, as against its previous closing price of Rs. 182.5. The stock has delivered positive returns of more than 6 percent in one year, but has fallen by nearly 7 percent in the last one month.
What’s the News
According to multiple reports, the Supreme Court expressed concern over what it described as the CBI’s “friendly approach” in investigating alleged irregularities at the NBFC. The court questioned why the agency had not taken stronger action despite the seriousness of the allegations.
The bench urged the Central Bureau of Investigation (CBI) to register an FIR, noting that a formal complaint would empower the Enforcement Directorate (ED) to more effectively pursue potential money-laundering violations. It also asked the CBI to clarify its position, pointing out that the agency must explain its hesitation in moving forward with an FIR.
The court also criticised the CBI, the Ministry of Corporate Affairs (MCA), and SEBI for their inconsistent and seemingly reluctant roles in the probe. It observed that the agencies’ lack of urgency raised doubts about how seriously they were treating the allegations, given their scale and nature.
The hearing was based on a petition by the Citizens Whistle Blower Forum, which has alleged financial misconduct by the company’s promoters, including round-tripping of funds, violations of the Companies Act, and siphoning of money. The Supreme Court also questioned SEBI’s limited involvement so far, highlighting what it called “double standards,” and formally authorised the regulator to investigate the matter.
Additionally, the bench directed senior officials from the CBI, ED, Serious Fraud Investigation Office (SFIO), and SEBI to hold a joint meeting within two weeks to objectively review all concerns raised against Sammaan Capital Ltd. The court also noted that while the ED had filed complaints with the Economic Offences Wing in Delhi and Mumbai, no action had been taken by the respective authorities.
Sammaan Capital stated that the allegations made in the petition remain unproven. The NBFC emphasised that it operates as a professionally managed entity, with LIC and BlackRock as its largest shareholders. The company also clarified that former promoter Sameer Gehlaut fully exited in 2022-23 and no longer holds any stake.
Financials & more
Sammaan Capital reported a marginal decline in its revenue from operations, showing a year-on-year decrease of around 7 percent from Rs. 2,422 crores in Q2 FY25 to Rs. 2,251 crores in Q2 FY26. However, the company delivered a sharp turnaround in profitability, shifting from a net loss of Rs. 2,761 crore to a net profit of Rs. 308 crore over the same period.
Sammaan Capital Limited, formerly Indiabulls Housing Finance Limited, is primarily engaged in the business of providing finance and undertaking all lending and finance.
Written by Shivani Singh
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
