Mumbai, July 28 (IANS) The Supreme Court on Tuesday heard the public interest litigation (PIL) pending against Sameer Gehlaut, the erstwhile promoter of Sammaan Capital, and others.
The Additional Solicitor General (ASG), appearing for the investigating agencies, RBI, SEBI, and other respondent government agencies, recorded before the Court that all loans extended by Sammaan Capital have been repaid in full, with interest; reaffirming that no loss whatsoever has been caused to the Company.
Appearing for Sammaan Capital, senior advocates Mukul Rohatgi, Dr. Abhishek Manu Singhvi, and Nalin Kohli reiterated to the Court that the Company has no connection whatsoever with Sameer Gehlaut, its erstwhile promoter, pointing out that Gehlaut has not held any shareholding in, or promoter status with, Sammaan Capital for over three years now.
The ASG sought two weeks’ time to file a status report on the ongoing investigation into Gehlaut, his companies, and others.
The Court expressed its displeasure that a status report had not yet been filed despite the matter being pending for long, and directed that the report now be filed within two weeks.
Notably, in earlier affidavits filed in this matter, the investigating agencies have themselves recorded Sammaan Capital as a victim of the very conduct under investigation, not a party implicated in it.
Sammaan Capital today operates under an entirely new promoter. International Holding Company PJSC (IHC), the Abu Dhabi-based sovereign-linked investor, is now the promoter of Sammaan Capital Limited, having invested $1 billion – the largest FDI in the Indian NBFC sector – and taken control of the Company’s board.
The ASG thus reaffirmed that Sammaan Capital has suffered no loss, and the matter of the erstwhile promoter’s conduct now proceeds under the ASG’s forthcoming status report.
–IANS
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