Shares of Sammaan Capital remained under pressure on Wednesday, extending losses after fresh legal developments involving the company’s erstwhile promoters weighed heavily on investor sentiment.
The decline comes after the Supreme Court ordered a fresh investigation in a case related to suspected financial irregularities, following the registration of a new FIR by the Delhi Police Economic Offences Wing (EOW). The matter has once again brought regulatory scrutiny back into focus, triggering selling pressure in the stock.
As part of its directions, the apex court asked the Central Bureau of Investigation (CBI) to collect documents from the Ministry of Corporate Affairs (MCA), market regulator SEBI, and the Enforcement Directorate (ED) to assess whether the registration of a formal FIR is warranted. The court said the findings from these agencies would be critical in determining the next course of action.
Importantly, the Supreme Court also criticised the CBI, SEBI, and other investigating agencies for what it described as a “lenient” and “friendly approach” in earlier probes related to the case. These remarks have added to concerns in the market, as they suggest a stricter review process and the possibility of deeper investigations going forward.
Investors reacted cautiously to the developments, with the stock falling sharply from its intraday high as uncertainty around legal and regulatory outcomes resurfaced. While the case pertains to the company’s former promoters, the renewed probe and involvement of multiple central agencies have created an overhang on the stock, leading to heightened volatility.
The Supreme Court is expected to review the matter again after the CBI completes its preliminary assessment based on documents gathered from the concerned authorities.
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