Mumbai, Nov 19 Sammaan Capital’s share price fell sharply on Wednesday, dropping nearly 13.5 per cent after the Supreme Court strongly criticised multiple investigative agencies for what it described as a “friendly approach” in the ongoing probe involving the company.
The court questioned the Central Bureau of Investigation (CBI), the Ministry of Corporate Affairs (MCA), and the Securities and Exchange Board of India (SEBI) for being slow and inconsistent in their actions, despite the seriousness of the allegations.
The Supreme Court said it was concerned about the pace of the investigation and noted that the agencies did not seem eager to move forward.
It also criticised SEBI for what it called “double standards”, saying the market regulator should not delay action in a case that involves suspected financial irregularities and possible harm to investors.
The court clarified that SEBI has full authority to probe the matter and should act without hesitation.
During the hearing, the bench pushed the CBI to file an FIR, saying this step would strengthen the Enforcement Directorate’s (ED) ability to look into the money-laundering aspect of the case. The court also asked the CBI to explain why it had not filed an FIR so far.
The ED informed the court that it will hold a joint meeting with the CBI, SEBI and the Serious Fraud Investigation Office (SFIO) within two weeks to ensure better coordination in the investigation.
The ED also pointed out that complaints filed with the Economic Offences Wings (EoW) in Delhi and Mumbai were not acted upon, which slowed down the case further.
The Supreme Court has fixed the next hearing for December 17.
The court’s strong remarks indicate that the probe into Sammaan Capital will now face stricter judicial monitoring. All agencies will have to show solid progress and justify their actions in the coming weeks.
Following the court’s observations, Sammaan Capital’s stock closed at Rs 158.40, down by Rs 24.36 or 13.33 per cent on Wednesday.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor