Synopsis:
The shares of Sammaan Capital were in the news today, as the company is in legal turmoil over the hearing of multiple irregularities committed by the company’s promoters.
The shares of this company, which is registered with and regulated by the National Housing Bank (NHB) and is engaged in the business of providing home loans and loans against property, were in focus today as the company, in its press release, gave a clarification of the ongoing CBI probe.
Price Action
With a market cap of Rs 13,473 crore, the shares of Sammaan Capital Ltd gained 3.66% and made a high of Rs 165.60 when compared to its previous day closing price of Rs 159.75. The shares are trading at a PE of 10.6, whereas its median PE is 9.6
About the CBI probe and company clarification.
On Wednesday, news circulated titled “SC questions ‘friendly approach’ by CBI in probe against firm”. Which created a negative notion regarding the company, resulting in its shares crashing more than 13%. After the market closed, the company in its press release gave clarification regarding the hearing.
The company has stated that “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.”
Citizen Whistle Blower Forum [CWBF] filed a Public Interest Litigation [PIL] before the Hon’ble Delhi High Court, alleging irregularities in lending practices of Sammaan Capital Limited [SCL] and the court proceedings focused on submissions that the former promoter of Sammaan Capital Limited (SCL) has left India, is now settled in London, and has allegedly acquired luxury assets such as five-star hotels, aircraft, and yachts raising the need for an investigation.
Sammaan Capital clarified that Mr Gehlaut has fully exited the company since 2023, holds no shares, and SCL operates today as a professional, promoter-less financial institution with over four lakh shareholders. The company also stressed that it has no association with the former promoter and has already relinquished the old Indiabulls brand name.
The Supreme Court has ordered that a team of senior officials examine the allegations and file a joint affidavit before the next hearing. Importantly, the Court clarified that no FIR has been directed against SCL, and it has not made any adverse observations against the company.
The matter now centres entirely on the erstwhile promoter and whether there was any quid pro quo between him and five borrower groups at the time he was the Executive Chairman. All loans to these groups are now closed, with most repaid since 2019.
Sammaan Capital is a leading mortgage-focused non-banking financial company (NBFC) in India, offering home loans and also providing loans to small businesses. The company operates with the core mission of being a reliable and trustworthy financial institution known for its expertise and unwavering integrity.
Written by Leon Mendonca
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