Sammaan Capital Limited (formerly Indiabulls Housing Finance Limited) addressed the Supreme Court proceedings regarding a 2019 PIL. The court clarified it made no negative observations against Sammaan Capital. The case’s focus shifted to allegations against the former promoter. Sammaan Capital has fully cooperated and stated that all loans to the borrower groups involved are now NIL. The company anticipates a resolution after 6 years.
Supreme Court Proceedings
Sammaan Capital Limited (formerly known as Indiabulls Housing Finance Limited) provided an update regarding the proceedings in the Hon’ble Supreme Court of India concerning a Public Interest Litigation (PIL) filed in 2019.
Key Highlights from the Hearing
The Hon’ble Supreme Court clarified that it has made no negative observations against Sammaan Capital’s conduct. The court noted that various regulatory and statutory bodies found no wrongdoings by Sammaan Capital related to the loans in question.
Loans and Promoter Status
Sammaan Capital confirmed that the loan accounts of all five borrower groups mentioned in the PIL are currently NIL, with the majority having been fully repaid by 2019. The company also stated that Mr. Gehlaut, the erstwhile promoter, exited his shareholding in 2023, and Sammaan Capital has no dealings with him. The case’s focus is now solely on the erstwhile promoter.
Looking Ahead
Sammaan Capital expects a final resolution in this matter, which has been ongoing for over 6 years. It will cooperate fully to enable the filing of an affidavit as directed by the Hon’ble Supreme Court. Both IHC and Sammaan Capital remain focused on obtaining the necessary approvals for the transaction, which will make IHC the promoter of Sammaan Capital.
Source: BSE