The Supreme Court of India has issued a contempt notice to the Managing Director of Sammaan Capital Ltd. (formerly Indiabulls Housing Finance Ltd.) for allegedly continuing loan recovery proceedings against a homebuyer despite a stay order issued by the Court. The Court has directed the MD to explain why contempt proceedings should not be initiated for this apparent violation.
This development is part of broader legal scrutiny involving Sammaan Capital. The Supreme Court is also examining a plea filed by the Citizens Whistle Blower Forum seeking an investigation into alleged financial misconduct by the former promoters of Indiabulls Housing Finance. The plea alleges illegalities, violations, and siphoning of funds by the company and its promoters. The Court has sought responses from the company and relevant regulatory authorities, including the Reserve Bank of India and the Securities and Exchange Board of India. (ETV Bharat News, Hindustan Times)
In a related matter, the Supreme Court has directed the Enforcement Directorate and the Reserve Bank of India to submit status reports concerning ongoing investigations into alleged financial irregularities by Indiabulls Housing Finance Ltd., now known as Sammaan Capital Ltd. (Moneylife)
Additionally, the Delhi High Court has permitted the rebranding of Indiabulls Housing Finance to Sammaan Capital, with the condition that the company must state in all its advertisements that it was formerly known as Indiabulls Housing Finance. (Bar and Bench - Indian Legal news)
These legal proceedings highlight the ongoing scrutiny of Sammaan Capital's practices and the importance of compliance with judicial orders.
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