Sebi has settled proceedings against four entities tied to alleged diversion of funds connected to erstwhile Indiabulls Real Estate Ltd. The regulator confirmed the case closure after the entities paid a combined settlement amount of about Rs 10.49 crore. The move brings an end to Sebi’s action in the matter, subject to settlement terms and applicable conditions.
A Sebi report has reopened the Indiabulls YES Bank saga, citing prima facie evidence that loans were routed between promoter-linked entities via IHFL and other NBFCs on a quid pro quo basis. The findings were reportedly sent to the banking regulator in 2022. Sammaan Capital argues such SPV-backed lending is common in real estate and denies any link to Sameer Gehlaut.
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Allegations against Indiabulls Housing Finance and its former promoter Sameer Gehlaut—including evergreening of loans, kickbacks, share manipulation and roundtripping—have lingered for years without traction. Now, a fresh Supreme Court communication could revive attention and accelerate the stalled proceedings. The big question: will this latest move finally turn old claims into actionable scrutiny?
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