Shares of Sammaan Capital experienced a second consecutive day of decline on December 18. This followed the registration
of a new FIR by the Economic Offences Wing (EoW) of the Delhi Police, connected to its investigation of the company's
In response, on December 18, the NBFC released a statement to stock exchanges clarifying its position. The company
stated that Sameer Gehlaut, previously the executive chairman and a promoter, had applied to relinquish his promoter
status in December 2021 and left the board in March 2022. Exchanges approved Gehlaut's de-promoterisation in February
2023, and he ceased being a shareholder in September 2023. Sammaan Capital asserted it has no association with Gehlaut,
who is the subject of allegations in the FIR, according to an affidavit filed by the Delhi Police's EOW.
The NBFC's statement further referenced the Delhi Police's Economic Offences Wing affidavit, which indicated that the
Enforcement Directorate had alerted the EOW to potential fraud and criminal conspiracy involving quid pro quo
transactions between Sameer Gehlaut and five corporate entities. Following a review of initial evidence, the EOW in New
Delhi registered FIR no. 175/25 on December 15, 2025, which is currently under investigation. The NBFC emphasized that
investigations are underway against Gehlaut and the five corporate entities, based on submissions in affidavits filed by
the CBI and Delhi Police.
CNBC-TV18 reported that on December 17, the Supreme Court instructed the Central Bureau of Investigation (CBI) to decide
within one week whether to register an FIR in the case. The Supreme Court also directed the CBI to gather documents from
the Ministry of Corporate Affairs (MCA), SEBI, and the Enforcement Directorate (ED) to assess the potential registration
of an FIR. The apex court is scheduled to hear the case again in the second week of January 2026.
The case before the Supreme Court stems from an appeal against a prior ruling by the Delhi High Court, which dismissed a
petition in February 2024 from Prashant Bhushan’s Citizen Whistle Blower Forum (CWBF). That petition alleged
irregularities in Sammaan Capital's lending practices, specifically concerning loans to five borrower groups, and
alleged a quid pro quo arrangement between these groups and former promoter Sameer Gehlaut. The petition requested
investigations by regulatory bodies, including the Reserve Bank of India (RBI), the National Housing Bank (NHB), SEBI,
and the Ministry of Corporate Affairs.
Mukul Rohatgi, senior advocate and counsel representing Sammaan Capital, stated that the company is publicly listed, has
no defaults or outstanding dues, and faces no pending investigations from any regulatory or enforcement agency,
including SEBI, RBI, MCA, or the CBI. He added that this information had been presented to the High Court previously,
where all regulators had issued a clean chit. Rohatgi asserted that the petition before the Supreme Court contains no
allegations against Sammaan Capital itself. On December 18, Sammaan Capital shares closed 1.7% lower, at Rs 143.4