Sahara property sale case: SC seeks replies of govt, Sebi on plea to sell assets to Adani Group; lists matter for November 17 | India News
NEW DELHI: The Supreme Court on Tuesday heard a plea by Sahara India Commercial Corporation Ltd (SICCL) seeking its nod to sell several of its assets — including Amby Valley in Maharashtra and Sahara Saher in Lucknow — to Adani Properties Private Limited.The apex court sought responses from the Centre and the Securities and Exchange Board of India (Sebi) on the plea and directed that the ministries of finance and cooperation be made parties to the proceedings. The bench also asked amicus curiae to collate details of the 88 properties proposed to be sold to the Adani Group and to prepare separate lists categorising them as “clean” or “disputed.” The matter has been listed for further consideration on November 17, news agency PTI reported.The SICCL, through its plea filed by advocate Gautam Awasthi, sought the court’s permission “to outright sell various properties belonging to the Sahara Group to Adani Properties Private Limited, for the consideration and on the terms and conditions as set out in the term sheet dated September 6, 2025.”The Sahara firm said that out of the total principal amount of Rs 24,030 crore, it had realised approximately Rs 16,000 crore through the sale of its assets and deposited the amount in the Sebi–Sahara Refund Account. It pointed to Sebi’s inability to liquidate or sell Sahara Group assets despite engaging top real estate brokerage firms.Following the death of Sahara Group chief Subrata Roy in November 2023, the plea said the group lost its principal decision-maker. The family, however, decided to liquidate the group’s assets “at the maximum value and in an expeditious manner to satisfy the orders passed by this court, discharge liabilities, and put a close to the present contempt proceedings.”The proposed sale to Adani Properties, covering 88 properties, is being described in the plea as a significant breakthrough aimed at unlocking asset value and ensuring compliance with financial obligations mandated by the court.In September, the Supreme Court had also directed the disbursal of Rs 5,000 crore from the Rs 24,030 crore deposited with Sebi for repayment to the depositors of Sahara Group’s cooperative societies, in line with its previous order from March 2023.
