Date: August 19, 2026

Legal Update on PIL Against Promoter

Background of Case

The proceedings arise from a Public Interest Litigation filed in 2019 by Citizens Whistle Blower Forum before the Delhi High Court, alleging irregularities in lending by the erstwhile Indiabulls Housing Finance Limited (now Sammaan Capital Limited) to five borrower groups and alleging quid pro quo with the then promoter Sameer Gehlaut.

Court Proceedings

  • Delhi High Court judgment dated February 2, 2024 dismissed the petition, holding allegations unsubstantiated by evidence
  • Petitioner filed Special Leave Petition (Civil) No. 2993 of 2025 before the Supreme Court of India
  • FIR No. 175/25 dated December 15, 2025 registered at PS Economic Offences Wing, Delhi under Sections 420/406/120-B IPC on complaint of Directorate of Enforcement

Status Report Findings (August 11, 2026)

Pursuant to Supreme Court order dated July 28, 2026, Additional Commissioner of Police, Economic Offences Wing, Delhi filed Status Report with following findings:

Loan Repayment Status

All 197 loan accounts across five corporate groups stand fully repaid and closed as verified by certificate dated December 11, 2025 of M/s N.D. Kapur & Co., Chartered Accountants (FRN: 001196N):

| Group | Number of Loans | Loans Sanctioned (₹ crore) | Gross Collection (₹ crore) | Net Collection (₹ crore) | TDS (₹ crore) | Status |

| DLF | 67 | 2,212.65 | 2,731.58 | 2,678.11 | 52.78 | Closed |

| Vatika | 113 | 2,832.21 | 4,291.36 | 4,162.35 | 124.60 | Closed |

| Americorp | 04 | 154.50 | 166.28 | 164.71 | 1.43 | Closed |

| Chordia | 06 | 1,490.00 | 2,130.92 | 2,067.48 | 63.66 | Closed |

| Reliance ADAG | 07 | 1,574.00 | 1,753.63 | 1,734.47 | 19.16 | Closed |

| Total | 197 | 8,267.86 | 11,073.77 | 10,807.12 | 261.63 | All Closed |

Collections exceeded sanctioned amount in every group, with company realizing over ₹2,800 crore in interest and fees over loan tenures.

Specific Group Investigations

DLF Group Findings:

  • 67 loans sanctioned to 52 companies during 2016
  • Gross collection ₹2,731.58 crore significantly exceeded sanctioned ₹2,212.65 crore
  • Investment of ₹66 crore into EMU Realcon Pvt Ltd (Sameer Gehlaut company) made in FY 2014-15, while loan to NBDPL availed 17 months later in FY 2015-16
  • No financial trail linking IHFL loan funds to Gehlaut entities
  • SEBI, NHB Special Audit found no abnormal retention or diversion of funds

Chordia Group Findings:

  • 6 loans with gross collection ₹2,130.92 crore exceeding sanctioned ₹1,490.00 crore
  • Payment of ₹50 crore as professional fees to Indiabulls Real Estate Ltd (IBREL) supported by tax invoice, banking records, ledger entries
  • SEBI observed IBREL is listed company, payment cannot be concluded as personal benefit to promoter
  • Funds accounted as project-related development expenditure

Vatika Group Findings:

  • 113 loans with gross collection ₹4,291.36 crore exceeding sanctioned ₹2,832.21 crore
  • Investments of ₹200 crore each in Karkinos Constructions Pvt Ltd and India Best Buy Pvt Ltd made in FY 2014-15
  • Loan to Agnes Developers Pvt Ltd availed over two years later in FY 2016-17
  • No evidence linking loan funds to investments in Gehlaut entities

Americorp Group Findings:

  • 4 loans with gross collection ₹166.28 crore exceeding sanctioned ₹154.50 crore
  • Investments of approximately ₹179.88 crore in Sameer Gehlaut companies fully redeemed by FY 2018-19
  • Investing entities Jasol Investment & Trading Pvt Ltd and Joindre Finance Pvt Ltd are RBI-registered NBFCs
  • Funds received before loans disbursed by IHFL

Reliance ADAG Group Status:

  • 7 loans aggregating ₹1,574 crore fully repaid and closed
  • Investigation ongoing, being finalized on receipt of reply/documents
Governance Context
  • Loans sanctioned in ordinary course of business by Credit Committee comprising company executives chaired by CEO
  • Sameer Gehlaut, during tenure as Chairman, was not member of Credit Committee and had no role in loan sanction or approval
  • Ceased to be promoter of company in 2023
Yes Bank Matter Reference
  • Central Bureau of Investigation filed application before Special Judge (PMLA), Mumbai seeking permission for further investigation in RC 2192020E0004
  • CBI submitted in affidavit dated July 30, 2025 that cases were related to offences by Yes Bank Ltd promoters with no direct allegation of diversion/siphoning by Indiabulls Housing Finance Ltd or its earlier promoters

Next Steps

  • Supreme Court expected to take up status of remaining points on next hearing date
  • Exchanges will be updated as required under Regulation 30