Sammaan Capital Says No Link With Ex-Promoter Sameer Gehlaut Booked By Delhi Police
The NBFC, formerly known as Indiabulls Housing Finance, is set to be acquired by Abu Dhabi-based International Holding Company.
Sammaan Capital Ltd. on Thursday said it has no relation with former promoter Sameer Gehlaut who has been booked by the Economic Offences Wing of Delhi Police in a white-collar case.
The police in its affidavit to the Supreme Court has stated that the Enforcement Directorate has informed the EOW of the fraud, criminal conspiracy in the quid pro quo transactions by and between Sameer Gehlaut and five corporate entities. An FIR was registered on Dec. 15 and the case is under investigation.
"It is submitted that Mr. Sameer Gehlaut who was the executive chairman and promoter of our Company earlier had applied for ceasing to be a promoter of the company in December 2021 and had exited from the board of directors of the company in March 2022," Sammaan Capital said in a statement.
"The de-promoterisation of Mr. Gehlaut was duly approved by exchanges in February 2023 and he has also exited as a shareholder of the company since September 2023. The Company has no relation whatsoever with Mr. Gehlaut against whom the allegations have been levelled in the FIR, as stated in the affidavit filed by EOW of Delhi Police," it added.
The NBFC, formerly known as Indiabulls Housing Finance, is set to be acquired by Abu Dhabi-based International Holding Company.
IHC in October agreed to acquire a 43.46% stake in Sammaan Capital for $1 billion or Rs 8,850 crore via Avenir Investment RSC. The Competition Commission of India gave its nod to the deal earlier this month.
Avenir Investment remains fully committed to the deal despite ongoing allegations surrounding the firm, sources familiar with the development had told NDTV Profit.
IHC has agreed to acquire a 43.46% stake in Sammaan Capital for $1 billion, a transaction that remains subject to regulatory and legal approvals.
According to people in the know, all allegations against Sammaan Capital are well known to IHC and they have been discussed under due diligence process.
Shares of Sammaan Capital settled over 1% lower at Rs 143.1 on the BSE, compared to a flat Sensex. The stock is down 5% so far this year.
