Sammaan Capital Shares Reverse Losses, Rise 4% After Company Clarifies Supreme Court Case

Sammaan Capital shares recovered sharply on November 20, reversing all intraday losses after the company issued a detailed clarification regarding a Supreme Court case related to alleged irregularities. The non-banking financial company (NBFC) emphasised that the matter concerns an erstwhile promoter who exited the firm in 2023 and no longer holds any stake.

Stock Performance: Intraday Volatility Followed by Sharp Recovery

Sammaan Capital’s share price rose nearly 4 percent during morning trade, climbing to Rs 165.50 apiece. The recovery follows an intraday surge of over 9 percent from the day’s low of Rs 151.41.

The rebound comes a day after the stock had dropped 13 percent following reports that the Supreme Court questioned the CBI’s approach in probing alleged irregularities at the NBFC. Despite recent volatility, the stock has seen a sharp rally over the last seven months—rising nearly 98 percent from its 52-week low of Rs 97.61 in April to a 52-week high of Rs 192.95 earlier this month. It is now trading more than 14 percent below that peak.

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Background: Case Linked to Former Promoter

In an exchange filing, Sammaan Capital clarified that the Supreme Court proceedings relate to an appeal against a February 2024 order of the Delhi High Court. The High Court had dismissed a petition filed by Prashant Bhushan’s Citizen Whistle Blower Forum (CWBF).

The CWBF petition had alleged irregularities in the company’s lending practices, particularly involving loans provided to five borrower group companies. It also alleged a quid pro quo between these borrower groups and former promoter Sameer Gehlaut.

The petition sought investigations by multiple authorities, including:

• Reserve Bank of India (RBI)

• National Housing Bank (NHB)

• Securities and Exchange Board of India (SEBI)

• Ministry of Corporate Affairs (MCA)

Sammaan Capital stated that all regulatory agencies submitted affidavits to the High Court confirming that they found no wrongdoing by the company.

Company Clarification: No Charges, No Defaults, No Investigations

In a post-market filing dated November 19, the company emphasised that while the petitioners have filed an appeal in the Supreme Court, the apex court has made no adverse observations against Sammaan Capital.

The company quoted the Supreme Court’s statement:
“We have not expressed any opinion against Sammaan Capital Limited.”

Senior advocate Mukul Rohatgi, representing Sammaan Capital, reiterated that:

• The company has no defaults or outstanding dues.

• No investigations or proceedings are pending with SEBI, RBI, MCA or CBI.

• All regulators had earlier issued a clean chit.

• The Supreme Court petition contains no allegations against Sammaan Capital.

Rohatgi further stated that the company is “fully open to any inquiry,” adding, “We have nothing to hide.” The matter is next scheduled to be heard on December 17, 2025.

Ex-Promoter Allegations at Centre of Case

The company noted that the Supreme Court hearing revolved around allegations against its former promoter. According to the petitioners, the ex-promoter has:

• Left the country

• Settled in London

• Acquired luxury assets, including 5-star hotels, aircraft, and yachts

Sammaan Capital clarified that this individual fully exited the company in 2023 and does not hold a single share.

The company also reiterated that no FIR has been ordered against it, and the Supreme Court has not expressed any opinion on the merits of the case against Sammaan Capital.

Stock Outlook Amid Regulatory Noise

Sammaan Capital’s stock has been highly volatile due to regulatory-related headlines. While the latest clarification triggered a sharp recovery, investor sentiment remains sensitive as legal proceedings continue at the Supreme Court.

However, the company maintains that with regulators having found no wrongdoing and the ex-promoter no longer associated with the firm, the ongoing litigation has no bearing on its current operations or governance.

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