Indiabulls Housing Finance (Sammaan Capital): Supreme Court Questions CBI Probe, Stock Plunges 12.5%

Overview

The Supreme Court has questioned the Central Bureau of Investigation's (CBI) "friendly approach" in its probe into alleged financial irregularities at Indiabulls Housing Finance Ltd, now known as Sammaan Capital. The court also criticized the Ministry of Corporate Affairs for compounding offences and the Securities and Exchange Board of India for "double standards." Shares of Sammaan Capital dropped 12.5% on the BSE following the SC's observations. The apex court has directed the CBI director to hold a meeting with regulators within two weeks to examine the case objectively.