Sahara firm seeks SC nod for sale of group's assets to Adani properties

Don't want to miss the best from Business Standard?

The Sahara India Commercial Corporation Ltd (SICCL) has moved the Supreme Court seeking its permission to sell various properties, including Amby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Private Limited.

The plea, which was mentioned for hearing recently, would likely come up on October 14.

Seeking the permission, the plea filed through advocate Gautam Awasthi, said, "..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 interlocutory application, filed in the pending matters related to Sahara group, said pursuant to various orders passed by this court, from time to time, and after taking the permission of this court through various orders, the SICCL and the Sahara Group were, with great difficulty, able to liquidate certain movable and immovable assets of theirs, the proceeds of which were deposited into 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.

Pointing to the inability of the Securities and Exchange Board of India (Sebi) to liquidate or sell Sahara Group assets, despite engaging reputed estate brokerage companies, the SICCL said the entirety of the funds deposited in the Sebi Sahara Refund Account were deposited through the sole efforts of and with great difficulty by the applicant and the Sahara Group.

The SICCL further said post the death of Sahara Group chief Subrata Roy in November 2023, the group lost its sole decision maker, who was until now, making all decisions on its behalf.

"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 said.

The SICCL said the decision was taken in the interest of all stakeholders, most particularly in the interest of the investors in the Sahara Group so that their claims would be well satisfied and they receive maximum value.

It, however, said the efforts did not yield any positive result due to the prevailing market conditions, absence of viable offers, and the pendency of multiple litigations, all of which collectively eroded buyer confidence and significantly impacted the marketability of the said properties.

It said the efforts were further complicated with multiple investigating agencies having initiated inquiries against the family members of Late Subrata Roy and other senior officials of Sahara Group.

"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.

Following Roy's death in November 2023, and in the absence of a formally designated decision-making authority within the Sahara Group, the plea said, certain persons while relying on outdated board resolutions attempted to deal with immovable assets of the group without proper authority.

They were dealt with appropriate action through complaints across various jurisdictions to protect the group's assets and prevent any unauthorised transactions, it added.

Seeking approval of transactions as contemplated under the term sheet dated September 6, executed between the SICCL and Adani Properties Private Limited for the sale of 88 properties mentioned in the schedule, the group said the proposed transaction represents a significant breakthrough, not only in unlocking substantial value from the Sahara Group's key immovable assets, but also ensuring compliance with the financial obligations required to be fulfilled by the Sahara Group pursuant to court orders.

On September 12, the top court ordered the disbursal of Rs 5,000 crore of over Rs 24,030 crore deposited by Sahara Group with Sebi to repay dues of the depositors of the Sahara Group of Cooperative Societies.

It had said the order was in line with the March 29, 2023 order where a similar application of the Centre was allowed for allocation of Rs 5,000 crore to repay dues of the depositors of the Sahara Group of Cooperative Societies.