Sammaan Capital Limited (SCL) on Friday appeared before the Supreme Court as part of ongoing proceedings linked to allegations raised against its former promoter. During the hearing, the Court observed that no wrongdoing has been found on the part of SCL, noting that the company is currently promoter-less and has been fully cooperative with all investigative authorities. Loan accounts associated with the borrower groups mentioned in the case have now been classified as NIL, indicating no outstanding exposure.
Earlier context:
The $1-billion acquisition of Sammaan Capital by Abu Dhabi’s International Holding Co. (IHC) has been under heightened scrutiny after the Supreme Court asked the Enforcement Directorate (ED) to clarify its stand on alleged money-laundering issues flagged by the Central Bureau of Investigation (CBI), and to disclose steps taken on a request for registration of an FIR.
Sammaan had filed for SEBI approval under the takeover code on October 2 and has been awaiting clearance. SEBI sought clarifications from the deal’s investment bankers on November 11, according to the regulator’s website.
The ongoing scrutiny stems from a Public Interest Litigation (PIL), following which the Supreme Court on Wednesday directed both the CBI and SEBI to probe the allegations of irregularities. The Court had criticised both agencies for a “cool attitude” and “double standards”, as per multiple reports. The next hearing in the matter is slated for December 17.
This is a developing story and will be updated as more details emerge.
