Latest news with #Indiabulls
Time of India
31-07-2025
- Business
- Time of India
Not investigating any irregularities in Indiabulls, found no wrong: CBI tells SC
NEW DELHI: The CBI on Wednesday told the Supreme Court that it was not investigating any irregularities in Indiabulls Housing Finance Limited (IHFL), now known as Sammaan Capital Limited , and has not found any wrong in the company disbursing loans to corporate entities. A bench of Justices Surya Kant and Joymalya Bagchi was told by Additional Solicitor General SV Raju that the probe agency has not found anything with regard to allegations of Indiabulls allegedly disbursing dubious loans to corporate entities. Senior advocates Harish Salve and Mukul Rohatgi, appearing for the company promoters, said that these are fictitious allegations and the petitioner NGO Citizens Whistle Blower Forum has withdrawn several petitions on the issue. The bench said allegations are allegations and whether they are right or wrong will be looked into. The top court adjourned the hearing on the plea due to paucity of time. On July 21, the top court pulled up the CBI for not appearing in a matter against Indiabulls despite notice. Advocate Prashant Bhushan, appearing for Citizens Whistle Blower Forum in which he is a trustee, had earlier alleged that Indiabulls, a non-banking financial company, used to disburse thousands of crores as loans to companies, which in turn used to pay hundred of crores of rupees to its promoters as unsecured loans. "This is a scam and even the Enforcement Directorate has said in their affidavit that they are aware of hanky panky in the company but are investigating it. Similarly, the SEBI has said they inquired into the matter but they are not the competent authority to investigate the issue and were forwarding the matter to relevant agencies," Bhushan had said. The petitioner NGO alleged IBHFL and its owners were advancing dubious loans to companies owned by large corporate groups which in turn were routing the money back to the accounts of companies owned by the promoters of Indiabulls to increase their personal wealth. Earlier, ASG Raju, appearing for the Enforcement Directorate, had submitted that the agency was investigating the matter and as far as CBI goes there ought to be a formal complaint and could only investigate if the states granted consent. On May 13, the top court sought response of the CBI on the plea which has challenged the February 2, 2024 order of the high court. The top court has noted the submission of the Ministry of Corporate Affairs and the Securities Exchange Board of India (SEBI) that irregularities were committed in IHFL. The ED accused IHFL of committing some irregularities in the two cases it probed, including the one in Maharashtra where public money was allegedly siphoned off outside the country by cheating investors of around Rs 300 crore.
News18
30-07-2025
- Business
- News18
Not investigating any irregularities in Indiabulls, found no wrong: CBI tells SC
New Delhi, Jul 30 (PTI) The CBI on Wednesday told the Supreme Court that it was not investigating any irregularities in Indiabulls Housing Finance Limited (IHFL), now known as Sammaan Capital Limited, and has not found any wrong in the company disbursing loans to corporate entities. A bench of Justices Surya Kant and Joymalya Bagchi was told by Additional Solicitor General SV Raju that the probe agency has not found anything with regard to allegations of Indiabulls allegedly disbursing dubious loans to corporate entities. Senior advocates Harish Salve and Mukul Rohatgi, appearing for the company promoters, said that these are fictitious allegations and the petitioner NGO Citizens Whistle Blower Forum has withdrawn several petitions on the issue. The bench said allegations are allegations and whether they are right or wrong will be looked into. The top court adjourned the hearing on the plea due to paucity of time. On July 21, the top court pulled up the CBI for not appearing in a matter against Indiabulls despite notice. Advocate Prashant Bhushan, appearing for Citizens Whistle Blower Forum in which he is a trustee, had earlier alleged that Indiabulls, a non-banking financial company, used to disburse thousands of crores as loans to companies, which in turn used to pay hundred of crores of rupees to its promoters as unsecured loans. 'This is a scam and even the Enforcement Directorate has said in their affidavit that they are aware of hanky panky in the company but are investigating it. Similarly, the SEBI has said they inquired into the matter but they are not the competent authority to investigate the issue and were forwarding the matter to relevant agencies," Bhushan had said. The petitioner NGO alleged IBHFL and its owners were advancing dubious loans to companies owned by large corporate groups which in turn were routing the money back to the accounts of companies owned by the promoters of Indiabulls to increase their personal wealth. Earlier, ASG Raju, appearing for the Enforcement Directorate, had submitted that the agency was investigating the matter and as far as CBI goes there ought to be a formal complaint and could only investigate if the states granted consent. On May 13, the top court sought response of the CBI on the plea which has challenged the February 2, 2024 order of the high court. The top court has noted the submission of the Ministry of Corporate Affairs and the Securities Exchange Board of India (SEBI) that irregularities were committed in IHFL. The ED accused IHFL of committing some irregularities in the two cases it probed, including the one in Maharashtra where public money was allegedly siphoned off outside the country by cheating investors of around Rs 300 crore. PTI MNL ZMN view comments First Published: July 30, 2025, 21:30 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Yahoo
19-05-2025
- Business
- Yahoo
Groww to buy wealth management firm Fisdom for $150m
Groww, a brokerage platform in India, is acquiring wealth management firm Fisdom for $150m in an all-cash transaction. This acquisition is pending regulatory approval from the Securities and Exchange Board of India (SEBI) and is expected to be finalised within two to three months. The announcement comes as Groww prepares to file its draft red herring prospectus via a confidential route in the near future, reported Entrepreneur India. Looking ahead, Groww is expected to pursue its initial public offering (IPO) at a valuation estimated between $7bn and $8bn. Founded in 2015, Fisdom offers a range of financial services, including mutual fund investments, stock trading, bonds, portfolio management, and tax filing. The company has a customer base of more than one million and operates 15 offices across India. Fisdom has received investment from firms such as Prosus, Saama Capital, and Quona Capital. The acquisition of Fisdom is expected to enhance Groww's service offerings and diversify its revenue streams in light of ongoing regulatory changes and market fluctuations, reported the media outlet. This acquisition represents Groww's second major purchase this year, following its acquisition of Indiabulls Asset Management Company in May 2023. Groww, which began its operations as a mutual fund investment platform in 2016, expanded its offerings to include IPO investments, equity trading, exchange-traded funds (ETFs) in 2020. For the financial year 2024, Groww reported a consolidated revenue of Rs31.45bn ($367m), more than double the revenue from the previous year. The operating profit for the same period was Rs5.35bn ($62.5m), an increase from Rs4.58bn ($53.5m) in the financial year 2023. In 2021, Groww secured $251m in a funding round, tripling its valuation to $3bn at that time. "Groww to buy wealth management firm Fisdom for $150m" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Entrepreneur
17-05-2025
- Business
- Entrepreneur
Groww to Acquire Fisdom in USD 150 Million Deal Ahead of IPO Filing
Groww is in the final stages of closing a USD 250–300 million pre-IPO funding round, with USD 150 million already raised from Singapore-based investor GIC at a post-money valuation of USD 7 billion You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Groww, one of India's largest brokerage platforms by active users, is set to acquire wealth management startup Fisdom for USD 150 million in an all-cash transaction, according to a source familiar with the matter. The acquisition, which is subject to regulatory approval from the Securities and Exchange Board of India (SEBI), comes just weeks before Groww is expected to file its draft red herring prospectus through the confidential route. The deal is expected to close within two to three months and marks Groww's second significant acquisition following its purchase of Indiabulls Asset Management Company in May 2023. The company is also in the final stages of closing a USD 250–300 million pre-IPO funding round, with USD 150 million already raised from Singapore-based investor GIC at a post-money valuation of USD 7 billion. Founded in 2015, Fisdom provides services such as mutual fund investments, stock trading, bonds, portfolio management, and tax filing. The startup has over a million customers and operates through 15 offices across India. It is backed by investors including Prosus, Saama Capital, and Quona Capital. In FY24, Fisdom reported a revenue of INR 84 crore—up 28 per cent from the previous year—while reducing net losses by 19 per cent to INR 57.4 crore. The company reported EBITDA-level profitability in the March quarter of FY25. Groww, which began as a mutual fund investment platform in 2016, introduced equity trading, ETFs, and IPO investments in 2020. For FY24, the company reported a consolidated revenue of INR 3,145 crore—more than double the previous year's figure. Operating profit stood at INR 535 crore, up from INR 458 crore in FY23. However, it posted a net loss of INR 805 crore due to a one-time domicile tax of INR 1,340 crore incurred when the company moved its registered office from Delaware to Bengaluru. The acquisition comes at a time when broking firms are under pressure from changing regulations and declining investor activity. Groww saw a drop of approximately 75,000 active investors in April 2025. Zerodha, another major player in the space, reported a decline of over 55,000 users, continuing a five-month downward trend. Brokerages have also been affected by increased taxes on trading, reduced exchange incentives, and restrictions on retail participation in futures and options markets. Angel One, a listed brokerage, saw its net profit fall by 49 per cent year-on-year to INR 175 crore in the March 2025 quarter. Its revenue also declined by 22 per cent to INR 1,056 crore. Groww is expected to pursue its IPO at a valuation between USD 7 billion and USD 8 billion. The addition of Fisdom is likely aimed at broadening its service offerings and revenue streams amid ongoing regulatory shifts and market uncertainty.
