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Informist, Wednesday, Nov. 19, 2025

 

--SC: CBI, ED, SFIO, SEBI must meet over irregularity claims vs Sammaan Cap 

--CONTEXT: PIL in SC for probing Sammaan Cap promoter, chair irregularities

 

NEW DELHI – The Supreme Court Wednesday asked senior officers of the Central Bureau of Investigation, the Enforcement Directorate, the Serious Fraud Investigation Office, and the Securities and Exchange Board of India to convene a joint meeting within two weeks to "objectively" examine the issues of "irregularities" raised by a petitioner against Sammaan Capital Ltd. The court also questioned cool attitude and "friendly approach" by the CBI in the case. The Supreme 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 bench of Justice Surya Kant, Justice Ujjal Bhuyan and Justice N.K. Singh said a report by SEBI, which had conducted an investigation into the activities of Sammaan Capital, shows quid pro quo arrangements by the company in loans given to companies such as Reliance Anil Dhirubhai Ambani Group, DLF Group, Vatika Group, Rana Kapoor family group and others. The SEBI's report consists of sufficient material for registration of a first information report by CBI, noted the bench.

 

The top court noted that the Enforcement Directorate had also filed a complaint against Sammaan Capital; however, the same was rejected by a magistrate. Thereafter, the Enforcement Directorate made complaints to Economic Offences Wing, Delhi, but no cognisance thereof has been taken, noted the court. The Enforcement Directorate shall make a fresh complaint regarding Sammaan Capital to the Central Bureau of Investigation for its consideration, said the court. Upon consideration, the CBI is directed to file a fresh affidavit with respect to its stand in the matter, the court added. The court will hear the case next on Dec. 17. 

 

Justice Kant expressed surprise that the "CBI had a very cool kind of attitude in this case". "We have never seen such a friendly approach by the CBI. This is ultimately public money. There is a strong element of public interest. Even if 10% allegations are correct, still there are large scale transactions which can be dubbed as dubious. You register an FIR. It will strengthen the hands of the ED (Enforcement Directorate), SFIO (Serious Fraud Investigation Office)...Why is the MCA (Ministry of Corporate Affairs) indulging in closing the investigation like this? What is their interest in this?" remarked Justice Kant. 

 

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.

 

At 1330 IST, the shares of Sammaan Capital were down 3.0% at INR 177.31 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Akul Nishant Akhoury

 

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