New Delhi, Nov 19 — The Supreme Court on Wednesday sharply criticised multiple investigative agencies for taking a “friendly approach” toward allegations of serious financial irregularities involving Indiabulls Housing Finance Limited (IHFL), now known as Sammaan Capital Ltd. A Bench comprising Justices Surya Kant and Joymalya Bagchi expressed “deep concern” over the slow and inconsistent progress made by the Central Bureau of Investigation (CBI), the Ministry of Corporate Affairs (MCA), and the Securities and Exchange Board of India (SEBI).
Hearing a petition filed by the Citizens Whistle Blower Forum (CWBF), the Bench noted that despite the gravity of the accusations, the agencies appeared reluctant to move forward. The court stressed that SEBI must avoid “double standards” and exercise its full authority to investigate suspected financial misconduct and potential investor harm.
Calling out the CBI for failing to register an FIR, the court observed that moving beyond preliminary enquiry was essential. Filing an FIR, the Bench said, would enable the Enforcement Directorate (ED) to thoroughly examine any money-laundering angle associated with the allegations. During the hearing, the ED assured the court it would convene a joint coordination meeting with the CBI, SEBI, and the Serious Fraud Investigation Office (SFIO) within two weeks.
The CWBF petition seeks a comprehensive, time-bound probe by a Special Investigation Team (SIT) into alleged round-tripping of funds, violations of the Companies Act, and siphoning of money by the promoters of IHFL and its subsidiaries. It claims that several companies which received major loans had minimal paid-up capital, overlapping directors, common office spaces, and no substantial business activity.
While senior advocates Harish Salve and Mukul Rohatgi, representing the promoters, have denied the allegations as “fictitious,” the CBI previously informed the court it found no irregularities in IHFL’s loan disbursals.
The Supreme Court has directed all investigating agencies to submit their reports by December 17. Meanwhile, Sammaan Capital’s stock fell sharply, closing 13.33% lower at ₹158.40. In a statement, Rohatgi clarified that the court’s concerns relate to former promoter Sameer Gehlaut and that the company welcomes any inquiry, asserting it has “nothing to hide.”
