The Supreme Court criticized the CBI’s “friendly and cool” approach in probing Indiabulls Housing Finance’s financial irregularities. The court questioned the corporate affairs ministry’s decision to close Sebi and ED-flagged governance issues, emphasizing the need for a thorough investigation into multi-layered transactions and loan round-tripping. NEW DELHI: Supreme Court Wednesday criticised CBI’s “friendly and cool” approach in probing serious irregularities in financial transactions of Indiabulls Housing Finance Ltd (IHFL), now Sammaan Capital Ltd, and questioned corporate affairs ministry’s decisions to close corporate governance illegalities flagged by market regulator Sebi and ED.Clarifying it has neither expressed opinion on merits of the allegations nor commented on Sammaan Capitals, a bench of CJI-designate Surya Kant and Justices U Bhuyan and N K Singh said, “CBI has shown a very cool and friendly approach in this case. We have never seen such an approach in probing alleged misuse or siphoning of public money.”Its clarification came after senior advocate Mukul Rohatgi said there is not a single allegation of financial irregularities against the present group.SC said, “There is strong public interest in a threadbare investigation into allegations which create a genuine doubt about the multi-layered transactions and round-tripping of loan amounts. Even if a fraction of the allegation turns out to be prima facie true, it requires registration of FIR, followed by a proper investigation.”It said, “Registration of FIR (by CBI and giving rise to a predicate offence) will strengthen the hands of ED, SFIO and Sebi.” Turning to allegations by advocate Prashant Bhushan, appearing for NGO Citizens Whistleblower Forum, the bench questioned the wisdom of the ministry in closing complaints of corporate governance irregularities against IHFL. “What is the interest of the ministry in this,” it asked.ED through additional solicitor general S V Raju complained that the directorate had sent a complaint in this regard to Economic Offences Wing of Delhi Police, which had through a terse communication informed closure of complaints against IHFL, claiming to have found no substance behind the allegations. SC asked the Delhi Police commissioner to depute a senior officer from EOW with relevant documents to appraise the court about the nature of investigations carried out prior to closing the probe.It also directed the CBI director to convene a joint meeting within two weeks of senior officials from ED, SFIO and Sebi for charting out the course of investigation and whether formation of an SIT was required to probe the alleged widespread irregularities, which the NGO alleged to have involved IHFL, Reliance ADAG, Chordia group, and Rana Kapoor family group. SC posted the matter for further hearing after three weeks.Later, in a statement, Rohatgi said, “The present petition before SC does not contain any allegation against Sammaan Capital. The court has referred to concerns raised about the previous promoter, Sameer Gehlaut, who has no shareholding or involvement in the company today.”End of ArticleFollow Us On Social MediaVideosNitish Kumar To Take CM Oath For Record 10th Time At Patna’s Gandhi Maidan, PM Modi To AttendBangladesh To Seek Interpol’s Help To Extradite Sheikh Hasina From India’Fatwa Issued…’: BJP Jabs ‘Indira Nazi Congress’ For Criticising Tharoor Over Modi Speech PraiseRussia Showcases Missile-Only Pantsir SMD-E Air Defence System At Dubai Airshow 2025’We Hit India…’: Pakistani Leader’s Explosive Admission Unmasks Islamabad’s Terror Links Again’Can’t Rule Out All-Out War’: Pakistan’s Khawaja Asif Rattled Over Army Chief’s Sindoor 2.0 WarningSydney Horror Crash Kills 8-Month Pregnant Indian After Teen BMW Driver Slams Into Family WalkIndia Expands Its Diplomatic Presence In Russia As Jaishankar Highlights Strategic New ConsulatesTaliban Trade Minister Lands in Delhi Amid Major Afghan Shift Toward India After Pakistan ConflictChina’s Propaganda Strike On India Exposed, US Report Details Fake Jet Debris And J-35 Sales Tactics123Photostories5 national parks to visit in South America for adventure loversAre you eating chia seeds the wrong way? Harvard doctor reveals the 3 healthiest ways to consume them3 Ayurveda-approved drinks to reduce fatty liver naturally10 regional egg dishes from different parts of India5 beautiful white animals that look like furry snowballs8 things life teaches us the hard wayFrom Rajkummar Rao-Patralekhaa to Deepika Padukone-Ranveer Singh: Bollywood’s adorable baby girl squadFrom protection to independence: Smriti Irani’s modern parenting mantraSalman Khan to Shanaya Kapoor: 5 viral looks of the day setting today’s style mood8 modern-sounding baby names that begin with letter ‘K’123Hot PicksDelhi AQI TodaySheikh Hasina VerdictBihar Government FormationGold rate todaySilver rate todayPublic Holidays NovemberBank Holidays NovemberTop TrendingBrittany LucicAlex Ovechkin WifePaolo BancheroStephen CurryPatrick BeverleyLeBron JamesStephen A SmithCade CunninghamDraymond GreenSophie Cunningham
NEW DELHI: Supreme Court Wednesday criticised CBI’s “friendly and cool” approach in probing serious irregularities in financial transactions of Indiabulls Housing Finance Ltd (IHFL), now Sammaan Capital Ltd, and questioned corporate affairs ministry’s decisions to close corporate governance illegalities flagged by market regulator Sebi and ED.Clarifying it has neither expressed opinion on merits of the allegations nor commented on Sammaan Capitals, a bench of CJI-designate Surya Kant and Justices U Bhuyan and N K Singh said, “CBI has shown a very cool and friendly approach in this case. We have never seen such an approach in probing alleged misuse or siphoning of public money.”Its clarification came after senior advocate Mukul Rohatgi said there is not a single allegation of financial irregularities against the present group.SC said, “There is strong public interest in a threadbare investigation into allegations which create a genuine doubt about the multi-layered transactions and round-tripping of loan amounts. Even if a fraction of the allegation turns out to be prima facie true, it requires registration of FIR, followed by a proper investigation.”It said, “Registration of FIR (by CBI and giving rise to a predicate offence) will strengthen the hands of ED, SFIO and Sebi.” Turning to allegations by advocate Prashant Bhushan, appearing for NGO Citizens Whistleblower Forum, the bench questioned the wisdom of the ministry in closing complaints of corporate governance irregularities against IHFL. “What is the interest of the ministry in this,” it asked.ED through additional solicitor general S V Raju complained that the directorate had sent a complaint in this regard to Economic Offences Wing of Delhi Police, which had through a terse communication informed closure of complaints against IHFL, claiming to have found no substance behind the allegations. SC asked the Delhi Police commissioner to depute a senior officer from EOW with relevant documents to appraise the court about the nature of investigations carried out prior to closing the probe.It also directed the CBI director to convene a joint meeting within two weeks of senior officials from ED, SFIO and Sebi for charting out the course of investigation and whether formation of an SIT was required to probe the alleged widespread irregularities, which the NGO alleged to have involved IHFL, Reliance ADAG, Chordia group, and Rana Kapoor family group. SC posted the matter for further hearing after three weeks.Later, in a statement, Rohatgi said, “The present petition before SC does not contain any allegation against Sammaan Capital. The court has referred to concerns raised about the previous promoter, Sameer Gehlaut, who has no shareholding or involvement in the company today.”
