For nearly six years, Indiabulls Housing Finance (IHFL) and its former promoter Sameer Gehlaut have faced a stream of accusations including loan evergreening, share-price manipulation, kickbacks, and circular fund movements. These issues surfaced multiple times and were examined by various regulators, but each time the cases were eventually dropped or closed without further action.
A new twist, however, has brought the matter back into focus. The Supreme Court of India has reportedly expanded its scrutiny of questionable loans once sanctioned by IHFL. The Court has sought original documents from the Ministry of Corporate Affairs (MCA), specifically records that were earlier said to have been “compounded or condoned,” despite earlier regulatory observations.
🔎 What’s at Stake
The alleged irregularities stem from the period when Gehlaut helmed Indiabulls. Concerns ranged from inflated loan books and lending to related or shell entities, to potential misreporting of asset quality. Despite these allegations, the company repeatedly received relief. Some criminal cases were quashed by the courts, and even a complaint filed with the Competition Commission of India (CCI) did not proceed.
By 2023, Gehlaut and his group were formally moved from the “promoter/promoter-group” category to that of “public shareholders.” Around the same time, IHFL undertook a major rebranding exercise, adopting the name Sammaan Capital. The firm now positions itself as promoter-less and professionally managed. It maintains that all disputed legacy loans were resolved long ago and that no liabilities remain from borrowers previously flagged in regulatory findings.
⚠️ Why the Supreme Court’s Move Matters
The Supreme Court’s fresh interest in the case could reopen long-settled concerns around loan approvals, reporting of asset quality and lapses across earlier oversight processes. Legal analysts note that if the Court finds gaps or inconsistencies in the documents it has demanded, central agencies such as the Enforcement Directorate (ED) or Central Bureau of Investigation (CBI) may be compelled to revive dormant inquiries.
Although the company has distanced itself from past management through reclassification of promoters and a complete rebrand, renewed legal attention might pose reputational challenges for Sammaan Capital.
🧩 What to Watch Next
• Whether the Supreme Court’s order leads to re-activation of investigations by the ED or CBI, potentially impacting both the company and individuals involved.
• Possibility of earlier transactions or loans coming under fresh forensic or audit review.
• Market reaction — investors, lenders and bondholders may reassess risk as regulatory uncertainty re-emerges, potentially influencing valuations, borrowing costs and capital access.
• Whether Sammaan Capital’s revamped governance structure and its claims of a cleaned-up balance sheet remain credible under renewed scrutiny.
Conclusion
What many believed to be a closed chapter in the Indiabulls–IHFL story appears to be resurfacing. With the Supreme Court’s intervention, long-standing allegations against Sameer Gehlaut and the group are back in focus. In the coming weeks, stakeholders — from regulators to investors — will watch closely to see whether this marks another temporary legal cycle or a deeper revisit of the past.
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