Adani moves SC to support Sahara plea seeking nod to sell 88 properties

The Adani group on Monday moved the Supreme Court (SC) in support of a plea by Sahara India Commercial Corporation Limited (SICCL) seeking permission to sell 88 of its properties. The Adani group application comes a day before the apex court is scheduled to hear Sahara’s request to offload assets, including the high-profile Aamby Valley project in Maharashtra and Sahara Shaher in Lucknow.

 

Sahara is not limiting its request to the 88 properties as the company has asked the court to permit the sale of these and other assets. The debt-laden company has asked the Supreme Court to shield the transaction from legal and regulatory action, and has sought exemptions from probe by state police, the Enforcement Directorate (ED), the Serious Fraud Investigation Office (SFIO), tax authorities, and others.

 

Sahara has also sought a bar on other courts or tribunals from hearing related matters, apart from asking for a lifting of existing attachment or restraint orders, protecting the group, its promoters, and employees from scrutiny over received funds.

 

Earlier in September, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation had sought court approval to sell these properties to Adani Properties Limited. The transaction value remains undisclosed.

 

According to reports, both groups have already executed a term sheet for the proposed sale, which has been submitted to the court in a sealed cover.

 

Sahara has argued that the demise of its founder and key decision-maker Subrata Roy in 2023 has hampered its ability to manage its assets. It has also pointed to the failure of the Securities and Exchange Board of India (Sebi) to liquidate these properties despite engaging major real estate brokers.

 

Sahara maintains that deposits in Sebi’s account were generated solely through its own efforts and those of SICCL.

 

Chief Justice B R Gavai has indicated that a special three-judge Bench would be constituted to hear the Sahara plea.