Shares of Sammaan Capital, previously known as Indiabulls Housing Finance Limited, witnessed a strong recovery on Wednesday, climbing nearly 4% after the company issued a comprehensive clarification to address market concerns. The statement was released in response to media reports surrounding Supreme Court proceedings held on November 19.
Supreme Court Sets the Record Straight
In its official media statement, Sammaan Capital provided crucial clarity on the court's stance. The company emphasized that the Supreme Court made no negative observations against it. The bench explicitly stated, "we have not expressed any opinion against Sammaan Capital Limited". Furthermore, the court has not directed any First Information Report (FIR) to be registered against the company.
Instead, the Supreme Court has asked senior officials to examine the allegations raised in the long-pending Public Interest Litigation (PIL) and to file a joint affidavit before the next hearing. Sammaan Capital reaffirmed that no open investigations are currently underway with any investigative agencies such as the CBI, ED, or EOW, or with regulatory bodies like the RBI, SEBI, or NHB.
A New Identity: Promoter-less and Professionally Managed
The clarification from Sammaan Capital went to great lengths to highlight its transformed corporate structure. The company described itself as a promoter-less, professionally managed institution with a diverse shareholder base of over four lakh investors.
The erstwhile promoter, Sameer Gehlaut, has completely exited the firm and has not held a single share since 2023. The company stated it has no dealings with him and that the "Indiabulls" brand name was sold and transferred long ago.
Addressing the core of the PIL, which concerned loans given to five borrower groups, Sammaan Capital confirmed that all these loans are now fully repaid. Three were cleared back in 2019, and the remaining two show zero outstanding balance today.
Stock Performance and Market Reaction
The market responded positively to the clarifications. The NBFC's stock rebounded as much as 3.8% to an intraday high of ₹163.15. This recovery comes after a sharp 14% fall over the previous two trading sessions.
Analyzing the stock's trajectory:
- It is currently 15.4% away from its 52-week high of ₹192.90, hit on November 3.
- The scrip has surged 67% from its 52-week low of ₹97.80, hit in April 2025.
- It has delivered positive returns of 4% over the past year, 34% in the last six months, and 31.5% in the past three months.
The company expressed hope for a "final resolution" to the PIL that has been ongoing for over six years, especially with the Supreme Court's specific clarification and the matter now centered around the former promoter.
Sammaan Capital's lawyer, senior advocate Mukul Rohatgi, reinforced the company's position, stating, "It is not a defaulter...It has no pending case or investigation against it. All authorities examined everything and found nothing wrong."
