No case against Sammaan Capital in long-running PIL
Mumbai, July 28
The Supreme Court on Tuesday heard the public interest litigation pending against Sameer Gehlaut, the erstwhile promoter of Sammaan Capital, and others.
The Additional Solicitor General (ASG), appearing for the investigating agencies, RBI, SEBI, and other respondent government agencies, recorded before the Court that all loans extended by Sammaan Capital have been repaid in full, with interest; reaffirming that no loss whatsoever has been caused to the Company.
Appearing for Sammaan Capital, senior advocates Mukul Rohatgi, Dr. Abhishek Manu Singhvi, and Nalin Kohli reiterated to the Court that the Company has no connection whatsoever with Sameer Gehlaut, its erstwhile promoter, pointing out that Gehlaut has not held any shareholding in, or promoter status with, Sammaan Capital for over three years now.
The ASG sought two weeks' time to file a status report on the ongoing investigation into Gehlaut, his companies, and others.
The Court expressed its displeasure that a status report had not yet been filed despite the matter being pending for long, and directed that the report now be filed within two weeks.
Notably, in earlier affidavits filed in this matter, the investigating agencies have themselves recorded Sammaan Capital as a victim of the very conduct under investigation, not a party implicated in it.
Sammaan Capital today operates under an entirely new promoter. International Holding Company PJSC (IHC), the Abu Dhabi-based sovereign-linked investor, is now the promoter of Sammaan Capital Limited, having invested $1 billion - the largest FDI in the Indian NBFC sector - and taken control of the Company's board.
The ASG thus reaffirmed that Sammaan Capital has suffered no loss, and the matter of the erstwhile promoter's conduct now proceeds under the ASG's forthcoming status report.
— IANS
Reader Comments
The ASG saying no loss to the company and all loans repaid is reassuring. But the delay in filing status report is frustrating. Our courts are overburdened, but cases like this need faster resolution. Hope Sameer Gehlaut's conduct is fully investigated.
Interesting development. The fact that Sammaan Capital is now under new management with IHC from Abu Dhabi shows how corporate governance can evolve. The key point is that the company itself seems to have been a victim, not a perpetrator. Hopefully the SC clears this up soon.
Finally some clarity! The ASG confirming no loss to Sammaan Capital is a big relief for shareholders and investors. I was worried about the $1 billion IHC investment being at risk, but this makes sense now. The court needs to ensure the investigation into Gehlaut doesn't drag on unnecessarily.
It's concerning that the status report wasn't filed despite the matter being pending for so long. The SC's displeasure is justified. But the fact that the investigating agencies themselves recorded Sammaan Capital as a victim is telling. It shows the case against the current company is baseless.
As an investor in NBFCs, this is reassuring. The new promoter IHC investing $1 billion is a huge endorsement. The SC should now wrap this up quickly so Sammaan Capital can focus on growth without this legal cloud. But I hope Gehlaut is held accountable if any wrongdoing is found.
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