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Sammaan Capital: Supreme Court orders CBI probe into financial irregularity allegations
The Supreme Court of India has directed the Central Bureau of Investigation (CBI) to independently probe allegations of financial irregularities against the promoters of Sammaan Capital, formerly known as Indiabulls Housing Finance Limited. The order follows a Public Interest Litigation (PIL) filed by the Citizens Whistleblower Forum, which alleges fund siphoning, round-tripping, share price manipulation, and the evergreening of loans.
The Court emphasized that the CBI should conduct its investigation regardless of a previous report by the Delhi Police Economic Offences Wing (EOW), which had recommended against further action on five of the six allegations. Additionally, the Court instructed the EOW to complete its investigation into a sixth allegation involving a ₹1,575 crore transaction.
In response to the legal proceedings, Sammaan Capital issued a clarification to regulators and stock exchanges. The company stated that all 197 loan accounts cited in the petition have been fully repaid, including principal and interest, and that no non-performing assets (NPAs) remain from these transactions. The company maintains that its financial records are transparent and that previous reviews by the Ministry of Corporate Affairs and the Serious Fraud Investigation Office found no evidence of embezzlement.
Entities
Central Bureau of Investigation · Citizens Whistleblower Forum · Directorate of Enforcement · Economic Offences Wing · Indiabulls Housing Finance Ltd · Sammaan Capital · Supreme Court of India
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] The Supreme Court directed the CBI to investigate allegations of financial irregularities against the promoters of Indiabulls Housing Finance (now Sammaan Capital). lawchakra.in · www.bhaskarhindi.com · www.latestly.com
- [● 3 SOURCES] The CBI is to conduct the probe regardless of the Delhi Police Economic Offences Wing (EOW) report that exonerated the company on five of the six allegations. lawchakra.in · www.bhaskarhindi.com · www.latestly.com
- [○ 1 SOURCE] Sammaan Capital (formerly Indiabulls Housing Finance) clarified that all 197 loans mentioned in the petition have been fully repaid with no outstanding dues. newsindialive.in
- [● 2 SOURCES] The Court directed a trial court to decide on a pending CBI application regarding a ₹1,575 crore transaction within two weeks. lawchakra.in · www.bhaskarhindi.com
- [● 3 SOURCES] The Public Interest Litigation (PIL) alleges fund siphoning, round-tripping, share price manipulation, and loan evergreening. lawchakra.in · www.bhaskarhindi.com · www.latestly.com