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Informist, Wednesday, Oct. 8, 2025

 

NEW DELHI – The Supreme Court Wednesday asked the Enforcement Directorate to clarify its stand on a report by the Central Bureau of Investigation that the former agency may continue its money-laundering probe into Sammaan Capital Ltd. The court was hearing a plea by Citizens Whistle Blower Forum seeking a probe into alleged irregularities by the company's promoters and chairman, including round-tripping of capital, violations of provisions of The Companies Act, and siphoning of funds.

 

The directorate has also been asked to explain the steps taken on a counter affidavit by the CBI, asking the money-laundering agency to seek registration of a first information report with the Economic Offences Wing of the Delhi Police. The steps taken in this regard should be placed on record, the court said.

 

"It appears that the original records of the MCA (Ministry of Corporate Affairs) relating to compounding of irregularities pointed out by SEBI (Securities and Exchange Board of India) in its report is required to be furnished," said a bench of Justice Surya Kant, Justice Ujjal Bhuyan, and Justice N.K. Singh. "We accordingly direct the MCA that a senior officer be present in court with the original reports."

 

According to the petitioner, Sammaan Capital had been extending huge loans to various companies, which in turn had been routing a substantial part of the money as investment in companies belonging to key shareholders and promoters of Sammaan Capital, including Sameer Gehlaut, the company's founder and chairman. Since the money was essentially borrowed from public- and private-sector banks, "thousands of crores of public money seem to have been siphoned out by the company in order to financially benefit its promoters", said the petitioner.

 

Further, the petitioner said Sammaan Capital and its group companies had engaged in questionable financial practices, such as issuing preference shares, mobilisation advances, and convertible debentures. The forum alleged that certain borrower companies shared directors and office addresses with Sammaan Capital while others, lacking tangible assets or operational businesses, were given substantial loans. It said the market regulator had conducted an inquiry into Sammaan Capital's affairs but had merely forwarded its report to the ministry without taking any action.

 

Wednesday, shares of Sammaan Capital ended 2.5% lower at INR 159.08 on the National Stock Exchange.  End

 

Reported by Surya Tripathi

Edited by Rajeev Pai

 

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