The Supreme Court has confirmed that Sammaan Capital is neither an accused nor under investigation in matters linked to its erstwhile promoter, bringing an end to a seven-year legal overhang that began in 2017. According to The Hindu BusinessLine, senior advocate Nalin Kohli, appearing for Sammaan Capital, said investigations by the Economic Offences Wing (EOW) and the Central Bureau of Investigation (CBI) had found no wrongdoing by the company. The court has reiterated that it has not expressed any opinion on the merits of allegations against Sammaan Capital, with the proceedings clarifying that investigations ordered by the Supreme Court relate to allegations against the erstwhile promoter and others. The company will continue cooperating with authorities while focusing on its core business.
Investigations revealed that Sammaan Capital has recovered approximately ₹8,000 crore of loans extended to entities named in the public interest litigation, with the company receiving nearly ₹11,000 crore, including interest. As reported by The Hindu BusinessLine, Kohli said the loans were repaid in full along with interest and the accounts were closed, stating that 'When money is lent, recovered with interest and the accounts are closed, the question of fraud or loss to the lender does not arise'. The PIL had sought a probe into transactions involving former promoter Sameer Gehlaut and five corporate groups, including DLF, Vatika, Americorp, Chordia Group and Reliance ADAG. In one part of the investigation, Sammaan Capital has been viewed as a victim rather than a wrongdoer, with the company officially changing its name to Sammaan Capital Limited in July 2024 as part of a corporate rebranding.
The Economic Offences Wing (EOW) of the Delhi Police, in a status report filed on August 11, stated that Sammaan Capital had received back all money related to loans extended to five borrower groups named in the PIL. According to Business Standard, the FIR names Gehlaut, the erstwhile promoter of Indiabulls Housing Finance, along with DLF Group, Vatika Group, Americorp Group, Chordia Group and Reliance ADAG Group. Sammaan Capital was not named as an accused and was instead treated as a 'victim' of the alleged quid pro quo arrangements between the borrower groups and Gehlaut and his promoter entities. The Supreme Court on Tuesday directed the Central Bureau of Investigation (CBI) to examine the allegations in a first information report (FIR) registered by the EOW on December 15, 2025, with the CBI probe specifically concerned with allegations against the erstwhile promoter.
The Enforcement Directorate has stated that Sammaan Capital is a victim and not an accused in the ongoing investigations. According to The Hindu BusinessLine, Kohli said investigations by the Economic Offences Wing (EOW) and the Central Bureau of Investigation (CBI) had found no wrongdoing by the company, with agency affidavits showing that loans extended by the company to entities named in the PIL were repaid in full along with interest and the accounts were closed. The Supreme Court has directed the CBI to examine all six allegations flagged by the Enforcement Directorate against Indiabulls Housing Finance and related entities, with the court mandating that the CBI must independently examine the allegations, with its inquiry not being bound by findings of the Delhi Police Economic Offences Wing (EOW).
Since 2023, Gehlaut has had no association with the company after exiting his entire shareholding, with Sammaan Capital now controlled by Abu Dhabi-based International Holding Company PJSC (IHC), which invested $1 billion in the lender. As reported by The Hindu BusinessLine, Kohli said the company had undergone a complete transformation in ownership and governance, stating that 'The erstwhile promoter has nothing to do with the company. It is professionally managed, promoter-independent and fully compliant with regulatory requirements'. The non-banking financial company provides home loans, property loans, and multi-product credit, with the Supreme Court's directions covering both the allegations raised by the ED and the pending investigation into the ₹1,574-crore transaction.
Sammaan Capital has received clean chits from multiple regulatory agencies over the past seven years. According to Business Standard, Kohli said various statutory agencies have examined the allegations including RBI, NHB, MCA, SEBI, and EOW, with the company receiving a clean chit everywhere. The company emphasized that it has had no connection with Gehlaut since his exit and will continue to cooperate with authorities in any investigation concerning the erstwhile promoter or other entities. Separately, the CBI is examining transactions involving companies linked to the promoters of Yes Bank and Gehlaut, but Sammaan Capital said the investigation concerns Gehlaut, his promoter companies and former Yes Bank promoter Rana Kapoor, and does not involve the company.
