Shares of Sammaan Capital Fall 13% After SC Criticises CBI’s Handling of Investigation

Sammaan Capital Shares Drop 13% as Supreme Court Flags Concerns Over CBI’s ‘Friendly Approach’

In a sharp market reaction marked by regulatory scrutiny and judicial intervention, Sammaan Capital shares plunged 13 percent on November 19 after the Supreme Court questioned what it described as a “friendly approach” by the Central Bureau of Investigation (CBI) in probing alleged irregularities at the non-banking financial company (NBFC).

The unexpected observations from the apex court triggered heavy selling pressure, pushing Sammaan Capital shares down to ₹158.4 apiece on the NSE by market close.

The case stems from a petition filed by the Citizens Whistle Blower Forum, which has sought an investigation into alleged wrongdoing by the company’s promoters, including possible round-tripping of capital, violations under the Companies Act, and alleged siphoning of funds.

Supreme Court Calls Out SEBI’s “Double Standards,” Grants Regulator Jurisdiction to Investigate

During the hearing, the Supreme Court reportedly expressed concern over the approach of multiple agencies. According to CNBC-TV18, the bench observed that the Securities and Exchange Board of India (SEBI) appeared reluctant to investigate the matter and flagged the regulator’s “double standards.”

The court granted SEBI full jurisdiction to carry out its investigation into the allegations, marking an important step in expanding the regulatory oversight on the matter.

The bench, comprising Justice Surya Kant, Justice Ujjal Bhuyan and Justice N. K. Singh, also directed the CBI to file a First Information Report (FIR), noting that the FIR would assist the Enforcement Directorate (ED) in its ongoing examination of financial and compliance issues.

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Top Regulators Asked to Convene Joint Meeting on Alleged Irregularities

In a significant directive aimed at ensuring coordination among agencies, the Supreme Court instructed senior officials of the CBI, ED, Serious Fraud Investigation Office (SFIO) and SEBI to convene a joint meeting within two weeks.

The objective: to “objectively” assess the allegations raised by the petitioner concerning Sammaan Capital Ltd.

The court also noted that although the Enforcement Directorate had previously filed complaints with the Economic Offences Wings (EOW) in both Delhi and Mumbai, the authorities did not take cognizance of them.

With renewed directions from the apex court, the matter has gained fresh momentum and will next be heard on December 17.

Sammaan Capital Issues Strong Denial, Says Allegations Unsubstantiated

Following the steep fall in Sammaan Capital shares, the company issued a detailed response, asserting that none of the allegations presented in the petition had been validated by any authority.

“We are professionally run with LIC and BlackRock being our largest shareholders,” Sammaan Capital told CNBC-TV18, emphasising that the company has no defaults, no outstanding dues, and no ongoing investigations by any regulatory or enforcement agency, including SEBI, RBI, MCA or the CBI.

The company reiterated that its erstwhile promoter, Sameer Gehlaut, had exited the business in 2022–23 and currently holds no shareholding or involvement in the firm.

Senior Counsel Mukul Rohatgi Says Apex Court Has Made ‘No Observations on Merits’

Senior Advocate Mukul Rohatgi, appearing for Sammaan Capital, clarified that the Supreme Court’s directions do not amount to any finding against the company.

“Sammaan Capital is a publicly listed company with no defaults, no outstanding dues, and no investigations pending before any regulatory agency. The present petition does not contain any allegation against the company,” Rohatgi said.

He added that the court has merely permitted authorities to re-examine the matter and that the company has “no objection” to such scrutiny.

“We are fully open to any inquiry the agencies may wish to conduct — once, twice, or even thrice. We have nothing to hide,” he stated, expressing confidence that full clarity would emerge by the next hearing on December 17, 2025.

Market Reaction Highlights Sensitivity to Regulatory Developments

The sharp fall in Sammaan Capital shares underscores how sensitive investor sentiment can be to regulatory and judicial commentary — particularly in cases involving financial firms.

While the company has strongly denied all allegations and stressed its clean track record, the Supreme Court’s decision to involve multiple agencies has amplified uncertainty in the near term.

Analysts say that until regulatory clarity emerges, the stock may continue to witness elevated volatility.

However, Sammaan Capital’s reaffirmation of transparent operations, coupled with backing from prominent institutional shareholders such as LIC and BlackRock, may help cushion long-term investor confidence.

Conclusion: All Eyes on December 17 as Regulatory Lens Sharpens

As the investigation gathers pace and agencies hold their mandated joint meeting, all eyes will be on the Supreme Court’s next hearing on December 17.

For now, Sammaan Capital shares remain under pressure, but the company maintains that it has a clean regulatory record and is prepared to cooperate fully with authorities.

The coming weeks will determine whether the allegations prompt a deeper probe or if the firm’s explanations and past clean chits will settle investor nerves.

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