Description

Sammaan Capital Limited (formerly Indiabulls Housing Finance) submits clarification regarding Supreme Court proceedings on November 19, 2025, related to a 2019 PIL filed by Citizen Whistle Blower Forum alleging irregularities in lending practices.

Summary

Sammaan Capital Limited (formerly Indiabulls Housing Finance Limited) submitted a clarification to BSE in response to a request regarding news coverage of Supreme Court proceedings held on November 19, 2025. The proceedings relate to a 2019 Public Interest Litigation (PIL) filed by Prashant Bhushan’s Citizen Whistle Blower Forum (CWBF) before the Delhi High Court, alleging irregularities in lending practices involving loans to five borrower group companies. The company has provided a media statement detailing the background and emphasizing that statutory and regulatory agencies (RBI, NHB, SEBI, MCA) found no wrongdoing by the company, and that the majority of the questioned loans have been fully repaid with interest.

Key Points

  • Company responded to BSE’s request for clarification on media reports about Supreme Court proceedings on November 19, 2025
  • The case originates from a 2019 PIL filed by Citizen Whistle Blower Forum alleging irregularities in loans to five borrower group companies
  • Loans were extended during the period when erstwhile promoter Mr. Sameer Gehlaut was Executive Chairman
  • PIL sought investigation by RBI, NHB, SEBI, and MCA
  • All statutory and regulatory agencies filed affidavits in Delhi High Court confirming no wrongdoing by the company
  • Three of the five loans have been fully repaid (principal plus interest) since 2019
  • Company operates under scrip codes 535789 and 890192 on BSE
  • Company was formerly known as Indiabulls Housing Finance Limited

Regulatory Changes

No regulatory changes announced. This is a disclosure regarding ongoing legal proceedings.

Compliance Requirements

  • The submission was made in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • Company submitted the clarification in response to BSE’s communication dated November 19, 2025
  • Media statement was also filed with NSE, SGX, India INX, and NSE IX

Important Dates

  • November 19, 2025: Supreme Court proceedings held; initial media statement submitted to exchanges
  • November 20, 2025: Clarification submitted to BSE in response to their request
  • 2019: Original PIL filed in Delhi High Court; three of five loans fully repaid

Impact Assessment

Market Impact: Medium - The disclosure provides transparency on ongoing legal proceedings that may have generated media attention. However, the company’s emphasis that regulatory agencies found no wrongdoing and that most loans have been repaid with interest should mitigate negative investor sentiment.

Operational Impact: Low - The matter relates to historical lending practices from when the erstwhile promoter was in charge. The company has already received full repayment on three of the five questioned loans.

Legal Impact: Medium - The matter is currently before the Supreme Court, indicating ongoing legal proceedings. However, the company’s position is supported by regulatory agency findings and successful loan recoveries.

Investor Considerations: Investors in Sammaan Capital Limited (scrip codes 535789, 890192) should monitor developments in the Supreme Court proceedings while noting that multiple regulatory authorities have already reviewed the matter and found no irregularities.

Impact Justification

Company clarification on ongoing legal proceedings in Supreme Court related to historical lending practices. Regulatory agencies found no wrongdoing, and most loans have been fully repaid. Medium importance as it addresses investor concerns but represents ongoing legal matter rather than new regulatory action.