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Informist, Wednesday, Dec. 17, 2025

 

 

NEW DELHI – Hearing a petition for a probe into irregularities and siphoning of funds by Sammaan Capital Ltd.'s former promoters, the Supreme Court Wednesday asked the Central Bureau of Investigation to take a final call on registering a first information report in the case. The Enforcement Directorate and the Economic Offences Wing of Delhi Police have filed fresh first information reports in the case, the court was informed on Wednesday.
 

"...it is stated that CBI (Central Bureau of Investigation) has decided to collect the documents from ED (Enforcement Directorate) so that issue regarding the registration of FIR (first information report) can be considered," noted a bench led by Chief Justice of India Surya Kant. 

 

On Nov. 19, the Supreme Court had 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's former promoters. The court also questioned the 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. 

 

Earlier, the top court had 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 consisted 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, it was rejected by a magistrate. Thereafter, the Enforcement Directorate made complaints to Economic Offences Wing, Delhi, but no cognisance thereof was taken, noted the court. The Enforcement Directorate shall make a fresh complaint regarding Sammaan Capital to the Central Bureau of Investigation for its consideration, the court had said.

 

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 and mobilisation of 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 Ltd. ended 0.8% lower at INR 145.78 on the National Stock Exchange.  End

 

Reported by Surya Tripathi

Edited by Akul Nishant Akhoury

 

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