SC seeks replies of Centre, SEBI on Sahara firm’s plea for nod to sell properties to Adani

New Delhi: The Supreme Court on Tuesday sought responses from the Centre, the Securities and Exchange Board of India (SEBI), and other stakeholders on Sahara India Commercial Corporation Ltd’s (SICCL) plea seeking permission to sell 88 prime properties to Adani Properties Private Limited.

A special bench comprising Chief Justice B R Gavai and Justices Surya Kant and M M Sundresh heard the interlocutory application filed by SICCL in the long-pending Sahara refund case. Acting on Solicitor General Tushar Mehta’s submissions, the bench directed that the Union Ministries of Finance and Cooperation be made parties to the proceedings and submit their replies by November 17.

The court also asked amicus curiae and senior advocate Shekhar Naphade to compile details of the 88 properties proposed for sale, including their current ownership status and any disputes. He was instructed to prepare a chart distinguishing between properties with clear titles, those under dispute, and those where rights are yet to be determined.

“The application includes properties where rights have not been crystallised. Before we consider it, parties claiming any rights over these assets may provide their inputs to the amicus curiae,” the bench said. It further allowed the amicus to engage an assisting counsel for collating the information.

The bench directed the Centre, SEBI, and other stakeholders to respond to the Sahara firm’s plea and asked the group to address claims of unpaid workers’ salaries pending for years. “We will decide whether the properties are to be sold piecemeal or in one lot,” the Chief Justice observed.

SICCL had earlier sought the top court’s nod to sell several assets, including the Aamby Valley project in Maharashtra and Sahara Shahar in Lucknow, to Adani Properties.

The Supreme Court will next hear the matter on November 17.