For the past six years, allegations against Indiabulls Housing Finance Ltd (IHFL) — and its former promoter Sameer Gehlaut — involving evergreening of loans, kickbacks, share-price manipulation and round-tripping of funds have repeatedly died down. Now, with recent developments at the Supreme Court of India, there is growing possibility that these old charges may see renewed momentum.
What began as an investigation into questionable loans granted by Indiabulls has over time turned into a complex, multi-agency affair — but until recently, despite red flags flagged by regulators, enforcement agencies failed to act decisively.
In its latest turn, the Supreme Court has ordered the relevant authorities to seriously examine the allegations — directing that a joint affidavit be filed detailing the investigation’s status. While the court has not yet expressed any view on the merits of the case, the move signals that the issue is no longer being brushed aside.
It’s important to note that the company, now renamed Sammaan Capital Ltd, claims that Gehlaut has fully exited shareholding and holds no stake since 2023. They emphasise that Sammaan Capital is now professionally managed, and has no connection with Gehlaut’s personal dealings.
As things stand, the probe’s spotlight is firmly back on the erstwhile promoter. The renewed legal and regulatory scrutiny could reshape perceptions around governance and accountability — not only for Indiabulls/Sammaan Capital, but for the broader financial-services sector as well.
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