Sammaan Capital Cleared of Wrongdoing Following Supreme Court Hearing, Ending Seven-Year Legal Overhang

Sammaan Capital has emerged from a seven-year legal overhang following a Supreme Court hearing that clarified the company's position in ongoing investigations. Court proceedings and agency affidavits have reaffirmed that the company is neither an accused nor under investigation in matters linked to its erstwhile promoter.

Appearing for Sammaan Capital, senior advocate Nalin Kohli stated that investigations by the Economic Offences Wing (EOW) and the Central Bureau of Investigation (CBI) found no wrongdoing by the company. According to agency submissions, loans extended by the lender to entities named in a public interest litigation (PIL) were repaid in full along with interest, and the respective accounts were closed.

The PIL had previously sought a probe into transactions involving former promoter Sameer Gehlaut and five corporate groups, namely DLF, Vatika, AmeriCorp, Chordia Group, and Reliance ADAG. Investigators examined whether loans extended by the then Indiabulls Housing Finance, which is now Sammaan Capital, involved any irregularities.

Kohli noted that approximately 8,000 crore rupees of loans extended to these entities had been recovered, with the company receiving nearly 11,000 crore rupees inclusive of interest. He stated that when money is lent, recovered with interest, and accounts are closed, the question of fraud or loss to the lender does not arise.

Furthermore, the Enforcement Directorate stated that Sammaan Capital is viewed as a victim rather than a wrongdoer, while investigations ordered by the Supreme Court relate to allegations against the erstwhile promoter and others.

Gehlaut has had no association with the company since 2023, having exited his entire shareholding. Sammaan Capital is currently controlled by Abu Dhabi-based International Holding Company PJSC (IHC), which invested 1 billion dollars in the lender.

Kohli emphasized that the company has undergone a complete transformation in ownership and governance. He added that the erstwhile promoter has nothing to do with the enterprise, which is now professionally managed, promoter-independent, and fully compliant with regulatory requirements.

The Supreme Court reiterated that it has not expressed any opinion on the merits of allegations against Sammaan Capital. The company stated that it will continue to cooperate with authorities while focusing on its core business operations.

"The resolution of a long-standing legal overhang is a critical milestone for any financial institution. For Sammaan Capital, clearing these regulatory and investigative hurdles, combined with a complete shift in ownership and governance toward professional management, provides the operational stability required to focus entirely on core business growth and rebuilding stakeholder trust." — Dr. Shishir Gupta, Founder & CEO, StartupLanes