Sammaan Capital Crash: SC Orders CBI FIR & Slams SEBI’s “Double Standards”

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Date: November 19, 2025 Sector: NBFC / Housing Finance Sentiment: Bearish (Short-term)

In a massive legal development that sent shockwaves through Dalal Street today, the Supreme Court of India has taken an unusually aggressive stance against Sammaan Capital (formerly Indiabulls Housing Finance). The apex court has not only ordered a fresh, coordinated investigation but also delivered a stinging rebuke to India’s top investigative agencies—CBI and SEBI—for their “friendly” and “passive” handling of the case so far.

The news triggered an immediate sell-off, with Sammaan Capital shares locking in a lower circuit and ending the day with deep cuts. Here is the definitive report on the court order, the specific allegations, and what this means for retail investors.

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The Bombshell Order: “Register an FIR Immediately”

On Wednesday, November 19, 2025, a Supreme Court bench led by Justice Surya Kant issued a directive that effectively reopens the regulatory files on Sammaan Capital. The court was hearing a plea filed by the Citizens Whistle Blower Forum, which alleged that the agencies had been dragging their feet on serious fraud accusations.

The Court’s order was clear and directive:

1. Mandatory FIR: The Bench explicitly directed the Central Bureau of Investigation (CBI) to file a formal First Information Report (FIR). The judges noted that without a predicate offence registered via an FIR, the Enforcement Directorate (ED) is legally handicapped from investigating money laundering angles effectively.
2. Joint Task Force: The Court ordered a high-level coordination meeting to be held within two weeks. This meeting must include senior officials from:
   • The CBI (Criminal probe)
   • The Enforcement Directorate (Financial crimes)
   • The Serious Fraud Investigation Office (SFIO – Corporate fraud)
   • SEBI (Market Regulator)
3. Objective: The agencies have been tasked to “objectively” examine the allegations of financial irregularities and report back to the Court.

Key Takeaway: This is no longer just a regulatory inquiry; it is now a court-monitored criminal probe. The requirement for an FIR elevates the risk profile of the company significantly.

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Why the Court is Angry: “Friendly Attitude” & “Double Standards”

Perhaps more damaging than the order itself were the oral observations made by the Bench. The Supreme Court did not mince words when addressing the conduct of the investigative agencies.

1. Criticism of the CBI

Justice Surya Kant expressed “surprise” at the CBI’s approach, remarking that the agency had adopted a “very cool” and “friendly” attitude toward the company.

• “We have never seen such a friendly attitude by the CBI as in this case,” the Court observed.
• The Bench emphasized that the matter involves public money and shareholders’ wealth, not private funds, making the agency’s lethargy unacceptable.

2. Slamming SEBI for “Double Standards”

The harshest words were reserved for the market regulator, SEBI. The Court accused SEBI of selective jurisdiction.

• The Bench noted that when it comes to selling assets or auctioning properties, SEBI claims full jurisdiction. However, when asked to investigate fraud or “dubious transactions,” the regulator becomes “reluctant.”
• “Every day we see double standards of SEBI,” the Bench remarked, questioning why officials are drawing salaries if they claim they lack the power to investigate such serious allegations.

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The Core Allegations: Round-Tripping and Siphoning

To understand why the stock crashed, investors need to look at the specific allegations outlined in the whistleblower plea. The petition claims a complex web of financial engineering used to defraud the company.

• Round-Tripping of Funds: The primary allegation is that Sammaan Capital (then Indiabulls) issued massive loans to various corporate groups. These borrower companies, instead of using the funds for business, allegedly routed the money back into personal accounts or private entities owned by the company’s promoters.
• Siphoning for Personal Gain: The plea alleges that thousands of crores were siphoned off to enrich the promoters, specifically pointing fingers at former promoter Sameer Gehlaut.
• Violation of Companies Act: The accusations involve breaches of multiple sections of the Companies Act and SEBI regulations regarding related-party transactions.

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Company Response: “Old News, New Management”

Sammaan Capital moved quickly to limit the damage. In their defense, the company has highlighted a significant structural change: The promoter in question is gone.

The Company’s Stance:

1. Promoter Exit: The allegations pertain to the tenure of Sameer Gehlaut. The company emphasizes that Gehlaut has already exited the company and sold his stake.
2. Professional Management: Sammaan Capital argues it is now a “board-run, professionally managed company” with no promoter group calling the shots.
3. Institutional Backing: The company pointed to its current shareholding structure, which includes heavyweights like Life Insurance Corporation (LIC) and BlackRock, as evidence of its credibility and governance standards.
4. Substantiation: They claim these allegations have been looked into by agencies previously and “nothing was found.”

However, the Supreme Court’s observation that even if “10% of the allegations are true, it warrants a probe” suggests that the “old news” defense may not protect the current stock price from volatility.

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Market Impact: The Bloodbath on Dalal Street

The reaction on the bourses was swift and brutal.

• Stock Price: Shares of Sammaan Capital plummeted immediately as news tickers flashed the Supreme Court’s comments. The stock cracked over 13%, hitting an intraday low of ₹157.25 on the NSE.
• Volume: Volumes spiked significantly as panic selling set in.
• Technical Damage: The sharp fall has broken key support levels. The stock is now trading well below its 50-day and 200-day moving averages, signaling a bearish trend reversal.

Analyst View: Market experts believe the stock will remain under pressure until the outcome of the “Joint Task Force” meeting is known. The fear of an ED raid or asset attachment (a common follow-up to a CBI FIR) will likely keep institutional investors on the sidelines.

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Parallel Development: Reliance Communications Under the Scanner

In a separate but thematically similar development, the Supreme Court also turned its gaze toward the Anil Ambani Group.

• The Notice: The SC issued a notice to the Central Government, CBI, and ED regarding a plea for a court-monitored investigation into Reliance Communications (RCom).
• The Allegation: The plea, filed by former Union Secretary E.A.S. Sarma, alleges a “large-scale bank fraud” involving tens of thousands of crores.
• The Twist: The petitioner accuses the banks and state agencies of “institutional collusion.” The plea highlights that while forensic audits confirmed fraud as far back as 2020, the banks waited until 2025 (a five-year delay) to file an FIR. The Supreme Court has asked the agencies to explain this delay.

While RCom is largely insolvent and delisted from major indices, this notice reinforces the Supreme Court’s current mood: Zero tolerance for regulatory lethargy in corporate fraud cases.

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What Should Investors Do?

For retail investors holding Sammaan Capital, the situation is precarious.

1. The Risk of PMLA: With the CBI ordered to file an FIR, the Prevention of Money Laundering Act (PMLA) comes into play. This gives the ED drastic powers to attach assets, which can paralyze a financial company’s operations.
2. Volatility Warning: Expect high volatility leading up to December 17, 2025, the date set for the next hearing. The agencies are required to submit their status report by then.
3. Watch the Institutions: Keep a close eye on bulk deal data over the next few days. If FIIs or DIIs (like LIC) begin to trim their stakes, it could signal a longer-term downtrend.

Current Market Price (CMP): ₹158.40 (approx. close)

Trend: Bearish Reversal 📉

The sharp 13-14% drop has inflicted significant technical damage on the stock, breaking the higher-top, higher-bottom formation it had maintained for the last three months.

Level Type	Price Zone	Significance
Immediate Resistance	₹178 – ₹182	The previous support zone. The stock must reclaim this level to negate the negative news impact. Any bounce-back is likely to face selling pressure here.
Major Resistance	₹193	The recent 52-week high. A “double top” formation is now visible on the daily charts near this level.
Immediate Support	₹157	Today’s intraday low. If this breaks, the stock enters a “free fall” zone with no immediate price history support.
Critical Support	₹145	The 100-Day Moving Average (approx). This is the “make or break” level for long-term investors.

Trader’s View:

• RSI (Relative Strength Index): sharply cooling off, approaching oversold territory on hourly charts, but remains weak on daily charts.
• Strategy: The breakdown has been accompanied by high volumes (panic selling). Avoid “catching a falling knife.” Wait for the stock to consolidate near ₹150-155 for at least 2-3 sessions before considering fresh entry.

Conclusion: The Supreme Court has sent a clear signal that “friendly” investigations are a thing of the past. For Sammaan Capital, the ghost of Indiabulls has returned. While the management has changed, the legal liability for past actions may still weigh heavily on the stock. Investors are advised to exercise extreme caution.

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by Mirae Asset (m,Stock)