Sammaan Capital Limited (formerly known as Indiabulls Housing Finance Limited) has issued a clarification regarding proceedings in the Supreme Court of India. The matter relates to past allegations against the erstwhile promoter. The company states that the court has made no adverse observations against Sammaan Capital and that all loans to the borrower groups involved have been repaid. The focus has shifted to the actions of the former promoter.
Supreme Court Clarification
Sammaan Capital Limited (formerly known as Indiabulls Housing Finance Limited) has addressed recent communication concerning proceedings in the Hon’ble Supreme Court of India. The case originates from a 2019 Public Interest Litigation (PIL) alleging irregularities related to loans extended to five borrower groups.
Key Points of the Proceedings
The Hon’ble Supreme Court, in its recent hearing, clarified that it has not expressed any negative opinions regarding Sammaan Capital’s conduct. It also acknowledged that various regulatory bodies have found no wrongdoings by the company in relation to the loans in question. The court’s direction now focuses on examining allegations against the company’s erstwhile promoter.
Loan Repayments and Current Status
Sammaan Capital confirms that the entire principal plus interest for three of the loans involved in the litigation was received back in 2019. The outstanding amounts for the remaining two loans are also now NIL as of the current date. This has been verified in affidavits filed by regulatory agencies and statutory bodies.
Focus on Former Promoter
The current legal proceedings primarily concern the actions and whereabouts of the former promoter, including allegations of assets acquired abroad. The company clarifies that Mr. Gehlaut fully exited his shareholding in SCL in 2023 and Sammaan Capital has no dealings with him.
Future Outlook
Sammaan Capital remains committed to cooperating fully to enable the filing of required affidavits. The company anticipates a final resolution of this PIL, which has been ongoing for over 6 years. Sammaan Capital continues to pursue the necessary approvals for the proposed transaction that will make IHC the promoter of SCL.
Source: BSE