By Martin Shwenk Leade
Copyright indiatimes
AgenciesSupreme Court of India.
Sahara India Commercial Corporation Ltd (SICCL) has approached the Supreme Court seeking permission to sell a number of its properties, including Amby Valley in Maharashtra and Sahara Saher in Lucknow, to Adani Properties Private Limited. The plea, mentioned for hearing recently, is expected to come up on October 14.The application, filed through advocate Gautam Awasthi, stated the move is intended “..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 plea, submitted as an interlocutory application in pending matters related to the Sahara Group, explained that SICCL and the Sahara Group had, with great difficulty, managed to liquidate certain movable and immovable assets over time, with proceeds deposited in the SEBI – Sahara Refund Account.”Out of a total principal amount of Rs 24,030 crore, the Sahara Group, by way of sale/liquidation of their movable and immovable assets have realised an amount of approximately Rs 16,000 crore and deposited the same in the SEBI – Sahara Refund Account,” it said.The plea highlighted the Securities and Exchange Board of India’s (SEBI) inability to liquidate Sahara assets despite involving reputed estate brokerage firms, noting that the deposits in the SEBI account were achieved solely through the efforts of SICCL and the Sahara Group.Live EventsFollowing the death of Sahara Group chief Subrata Roy in November 2023, the plea said, the group lost its principal decision-maker. “The family members of the late Subrata Roy were not involved in the day-to-day business operations and management of the Sahara Group. However, considering the family members desire to safeguard the interest of the investors, the Sahara Group has decided that the assets of the Sahara Group be liquidated at the maximum value and in an expeditious manner to satisfy the orders passed by this court, to discharge the liabilities of the Sahara Group and put a close to the present contempt proceedings,” it added.SICCL said the move is in the interest of all stakeholders, particularly the investors, to ensure claims are met and maximum value is realised. It pointed out that earlier efforts to sell the assets were hampered by weak market conditions, lack of viable offers, pending litigations, and investigations by multiple agencies.“The said parallel and uncoordinated actions are not only creating confusion, conflicting narratives, and unwarranted doubt in the mind of investors/ depositors but are also effectively hampering, and are likely to further hamper, the ongoing efforts of the Sahara Group to monetise its assets and comply with the directions of this court,” the plea said.The application also noted that after Roy’s death, certain individuals attempted to deal with Sahara’s immovable assets relying on outdated board resolutions without proper authority. These attempts were addressed through complaints to protect the group’s assets and prevent unauthorised transactions.The plea seeks court approval for the sale of 88 properties as outlined in the term sheet dated September 6 between SICCL and Adani Properties. The transaction is described as a “significant breakthrough,” unlocking substantial value from Sahara’s key immovable assets while ensuring compliance with financial obligations under court orders.On September 12, the Supreme Court had ordered the disbursal of Rs 5,000 crore from over Rs 24,030 crore deposited by the Sahara Group with SEBI to repay dues to depositors of the Sahara Group of Cooperative Societies. This decision followed a similar allocation of Rs 5,000 crore under a March 29, 2023 order.Add as a Reliable and Trusted News Source Add Now!
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Read More News onSahara India Commercial Corporation LtdSupreme Court nodAdani Propertiessale of propertiesSEBI Sahara Refund AccountSubrata RoyAdani Properties Private Limitedsahara groupsaharasupreme court
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News onSahara India Commercial Corporation LtdSupreme Court nodAdani Propertiessale of propertiesSEBI Sahara Refund AccountSubrata RoyAdani Properties Private Limitedsahara groupsaharasupreme court(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless
