Sammaan Capital sinks 17% in 2 days as Supreme Court slams ‘friendly approach’ in probe, flags SEBI’s ‘double standards’

Sammaan Capital News: Sammaan Capital share price extended losses for the second straight session on Thursday, November 20 after the Supreme Court, on Wednesday (November 19), came down heavily on investigative agencies for what it called a “friendly approach” in the ongoing probe involving the company. The court pulled up the Central Bureau of Investigation (CBI), Ministry of Corporate Affairs (MCA), and the Securities and Exchange Board of India (SEBI) for what it viewed as reluctance and inconsistency in pursuing the case. The bench said the agencies’ stance raised concerns about the pace and seriousness of the probe, especially considering the nature of the allegations.

The stock fell over 5 percent in intra-day deals today after an lamost 13 percent decline in the previous session. In the 2 days, the scrip has lost over 17%.

The apex court also took a serious view of SEBI’s reluctance to act, calling out what it termed “double standards” in its approach to the matter. Granting SEBI jurisdiction to investigate, the bench said there was no reason for the market regulator to delay action in a case that involves alleged financial misdoings and investor harm.

SC pushes CBI to file FIR, says it will aid ED

The bench pressed the CBI to file an FIR in the case, observing that a formal complaint would strengthen the Enforcement Directorate’s (ED) ability to pursue the money-laundering angle. The court also sought the CBI’s response on its stance, noting that the agency must clarify why it had not moved ahead with an FIR despite the seriousness of allegations.

In its submissions, the ED informed the court that it would hold a joint meeting with the CBI, SEBI and the Serious Fraud Investigation Office (SFIO) within two weeks to align investigative efforts.

The ED further told the court that complaints filed with the Economic Offences Wings (EoW) in Delhi and Mumbai saw no cognisance. This, the agency suggested, had delayed coordinated action and contributed to the lack of investigative momentum.

Next hearing on December 17

The Supreme Court has scheduled the next hearing in the matter for December 17, by which time it expects clear updates from all agencies—CBI, ED, SEBI and SFIO—on the status of the probe, FIR considerations, and inter-agency coordination.

The court’s observations signal a tightening of judicial scrutiny on the Sammaan Capital investigation, with regulators and enforcement bodies now required to justify their decisions and demonstrate credible progress in the weeks ahead.

Management Commentary

Mukul Rohatgi, Senior Advocate and counsel for Sammaan Capital stated, “Sammaan Capital is a publicly listed company with no defaults, no outstanding dues, and no investigations or proceedings pending before any regulatory or enforcement agency, including SEBI, RBI, MCA, or the CBI. This position was earlier placed before the High Court as well, where all regulators had already given a clean chit.

The present petition before the Supreme Court does not contain any allegation against Sammaan Capital. The Court has referred to concerns raised about the previous promoter, Sameer Gehlaut, who has no shareholding or involvement in the company today. The Court has clarified in its order that it has made no observations on the merits of these allegations and has merely permitted the authorities to re-examine the matter.

We have no objection to this process. Since there is no allegation from any authority against Sammaan Capital, we are fully open to any inquiry the agencies may wish to conduct — once, twice, or even thrice. We have nothing to hide.

The matter will next be taken up on 17th December, by which time we expect full clarity.”

Sammaan Capital Stock Performance

The stock shed as much as 5.4% to its day's low of ₹151.10. This comes after a 12.7% fall in the previous session.

It is now 21.7% away from its 52-week high of ₹192.90, hit earlier this month on November 3. Meanwhile, it has surged 54.5% from its5 2-week low of ₹97.80, hit in April 2025.

The scrip has given positive returns in the near past, rising 6% in last 1 year, 26% in last 6 months, and 27% in past 3 months. However, it hasshed 10.5% in last 1 month.

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