Explained: Who is Sameer Gehlaut and what is the Sammaan Capital case about?

Currently, Blackstone is the largest investor in Sammaan with 19% stake

Who is Sameer Gehlaut?

Sameer Gehlaut is a former promoter of the Indiabulls Group, of which Indiabulls Housing Finance is a part. Indiabulls Housing Finance has been renamed as Sammaan Capital. There have been multiple allegations levelled against Gehlaut while he was at the helm of Indiabulls. Gehlaut is currently being probed for his alleged role in financial irregularities, including the granting of loans on a quid pro quo basis to some promoter groups.

There are also allegations that Gehlaut was involved in the Yes Bank Scam. Gehlaut has left India and now resides in London. He is currently running a fintech company named Clivedale that claims to have £2.5 billion in retail deposits, according to his social media accounts.

What is the current link between Sameer Gehlaut and Sammaan Capital?

Sameer Gehlaut has since completely exited Sammaan Capital, resigning as chairman in 2020 and selling his entire shareholding by 2023. Since then, the company has turned into a professionally run entity with multiple institutional investors. He currently doesn’t own any stake. Currently, Blackstone is the largest investor in Sammaan with a 19% stake. Life Insurance Corporation owns over 4% stake in the company, while there are 4.4 lakh retail investors also.

What is the connection to IHC? 

International Holding Company(IHC) is a fund promoted by the Abu Dhabi Investment Royal Family. According to the shareholding pattern of Sammaan Capital, IHC holds no direct stake in the company as of September 2025.  Samaan Capital and IHC had struck a deal on October 2, 2025 through which IHC would buy 41.2-43.5% stake in the company for a consideration of $1 billion. This purchase will trigger an open offer through which IHC can buy another 26% stake in the company from public shareholders. The deal is currently pending Sebi approval.

What is the Supreme Court case about?

On Wednesday, the Supreme Court ordered a re-examination of the allegations of siphoning public funds and round-tripping of money during Sameer Gehlaut's tenure. The court observed that  these are serious allegations involving a strong public interest element. The Court strongly criticized the "friendly and cool" approach of investigative agencies like the CBI and SEBI, suggesting a lack of serious, objective scrutiny into the alleged past misconduct.

What next for Samaan Capital?

Sammaan Capital has reiterated it has no links to the erstwhile promoter. However, the investigative agencies have to decide whether Sameer Gehlaut was the lone architect of the fraud or was there any involvement of the company. Legal experts say, as long are the agencies don’t find any violations on part of Sammaan Capital, there would not be any issue for the company. The agencies are already probing Gehlaut which would be a separate development.

What is the history of Indiabulls?

Indiabulls was founded in 1999 as an online stock brokerage by Sameer Gehlaut and his two college friends, Rajiv Rattan and Saurabh Mittal. The company soon expanded into other domains including financial services, lending etc. and went public in 2004. At its peak in September 2018, Indiabulls Housing Finance's loan book was ₹1,28,908 crore. Following this Indiabulls faced headwinds due to industry wide liquidity challenges and rising defaults.