Supreme Court orders CBI to probe six allegations against ex-Inidabulls promoter; Sammaan Capital says it is a victim, loans repaid, no wrongdoing.
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The Supreme Court on Tuesday directed the Central Bureau of Investigation to examine all six allegations of financial irregularity that the Enforcement Directorate had levelled against Sameer Gehlaut, former chairperson of Indiabulls Housing Finance, and five corporate groups.
A bench headed by Chief Justice Surya Kant also told the Delhi Police's Economic Offences Wing and the CBI to submit fresh investigation status reports. Five of the six allegations had already been looked at by the EOW. The sixth involves a transaction worth about Rs 1,574 crore. For that one, the CBI had sought permission from a special court under the Prevention of Money Laundering Act in Mumbai to conduct a deeper probe. The Supreme Court directed the special judge to rule on that application within two weeks.
The directions followed repeated criticism from the court about how slowly the agencies had moved. At an earlier hearing, the bench questioned what the CBI had done between January and July and expressed concern that the agencies had not kept the court informed. The court described the conduct of the CBI and EOW as "highly questionable" and warned that it could summon the heads of both agencies. It refrained after Additional Solicitor General S V Raju assured the court that the agencies would take necessary steps and file reports.
The case stems from a petition by Citizens Whistle Blower Forum. The petitioner wanted a court-monitored Special Investigation Team to probe allegations of fund diversion, round-tripping, corporate irregularities and violations of company law involving Indiabulls, its promoter and associated entities.
The Supreme Court had last year also questioned the approach of the Securities and Exchange Board of India and the CBI towards the allegations. The bench criticised what it called reluctance by Sebi to investigate despite asserting jurisdiction over attached properties. It also questioned the CBI's "cool attitude" toward allegations involving public money, noting the agency had not registered a predicate offence FIR or taken firm enough steps.
The bench separately sought an explanation over the Ministry of Corporate Affairs allegedly compounding nearly 100 violations within two days, asking why the circumstances did not warrant closer scrutiny.
Sammaan Capital, the entity formerly known as Indiabulls Housing Finance, responded to the development late Tuesday. The company said it was not an accused in any investigation arising from the PIL. In a stock exchange filing, it noted that the EOW, in a status report filed on August 11, had stated that Sammaan Capital had received back all money related to loans extended to the five borrower groups named in the PIL.
"The Central Bureau of Investigation has been asked to probe allegations against the erstwhile promoter. Sammaan Capital is not an accused but a 'victim',' the company's advocateNalin Kohli said after the hearing.
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. Instead, the company said, it was treated as a "victim" of alleged quid pro quo arrangements between the borrower groups and Gehlaut and his promoter entities.
According to Sammaan Capital, investigations by the EO and CB found that loans extended to the five borrower groups were repaid with interest and the accounts were closed. The company said there was no indication of wrongdoing in those transactions.
"Broadly, it has been held that whatever loans were given by Sammaan Capital were duly received, interest was paid, which means the company received more than the principal amount, and those loans are now closed. There is no indication of any wrongdoing. The company is professionally run. The erstwhile promoter has nothing to do with it," Koli said.
He also said various statutory agencies had examined the allegations over the past seven years. "Whether it is RBI, NHB, MCA, SEBI, or now EOW and CBI, we have got a clean chit everywhere," he said.
Seperately, the CBI is examining transactions involving companies linked to the promoters of Yes Bank and Gehlaut. Sammaan Capital said that investigation concerns Gehlaut, his promoter companies and former Yes Bank promoter Rana Kapoor, and does not involve the company.
Gehlaut ceased to be the promoter of Sammaan Capital and divested his entire shareholding in 2023. The company is now controlled by Abu Dhabi-based International Holding Company PJS, which has committed to invest $1 billion in the company. Sammaan Capital said it has had no connection with Gehlault since his exit and will continue to cooperate with authorities.
The lender said the Ministry of Corporate Affairs, National Housing Bank, Securities and Exchange Board of India, Reserve Bank of India and Economic Offences Wing had examined the matter and had not found violations as alleged in the PIL.
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