The Sahara India Commercial Corporation Ltd has moved the Supreme Court seeking approval to sell multiple assets — including Amby Valley in Maharashtra and Sahara Saher in Lucknow — to Adani Properties Private Limited.
The plea, filed through advocate Gautam Awasthi, requested 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 matter is likely to come up for hearing on October 14.
Background
The interlocutory application, filed in connection with ongoing Sahara-related cases, said the group had liquidated several movable and immovable assets following the Supreme Court’s earlier directions. The proceeds, about ₹16,000 crore, were deposited into the SEBI–Sahara Refund Account.
The Sahara Group explained that this was part of efforts to repay investors against the total principal liability of ₹24,030 crore. It pointed out that despite SEBI engaging leading real estate firms, the regulator had failed to sell or monetise Sahara’s assets, leaving the burden largely on the group itself.
Post-Subrata Roy Challenges
The plea highlighted that after the death of Sahara chief Subrata Roy in November 2023, the group was left without a formal decision-making head. “The family members of the late Subrata Roy were not involved in the day-to-day business operations and management of the Sahara Group,” it said.
Nevertheless, in the interest of safeguarding investors, the group decided to liquidate its properties “at the maximum value and in an expeditious manner” to comply with court orders, discharge liabilities, and end the ongoing contempt proceedings.
According to SICCL, multiple factors hampered its asset-sale efforts — including poor market conditions, lack of viable offers, ongoing litigations, and investigations by various agencies into Sahara officials and family members.
“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 noted.
It added that some individuals had even attempted to deal with Sahara’s immovable properties without proper authority by relying on outdated board resolutions. Such attempts were countered through complaints in different jurisdictions.
Proposed Sale To Adani
SICCL said the proposed sale of 88 properties, as detailed in the September 6 term sheet with Adani Properties, represents a “significant breakthrough”. It argued that the transaction would unlock value from Sahara’s prime assets and help meet the financial obligations mandated by the apex court.
On September 12, the Supreme Court ordered the disbursal of ₹5,000 crore from the ₹24,030 crore lying in the SEBI–Sahara Refund Account to repay dues of Sahara Group’s cooperative society depositors.
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