Sahara seeks SC nod for sale of group’s assets to Adani

New Delhi: Sahara India Commercial Corporation Ltd (SICCL) has approached the Supreme Court seeking permission to sell multiple properties, including Amby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Private Limited.

The plea, filed through advocate Gautam Awasthi, is likely to be heard on October 14.

The application requests approval “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 noted that over the years, SICCL and the Sahara Group have struggled to liquidate assets despite court permissions, managing to deposit around Rs 16,000 crore into the SEBI – Sahara Refund Account out of a principal amount of Rs 24,030 crore. It added that SEBI had been unable to sell these assets even with the assistance of reputed estate brokers.

Following the death of Sahara chief Subrata Roy in November 2023, the group lost its sole decision-maker. The plea said Roy’s family, not involved in day-to-day operations, decided to expedite the liquidation of assets to maximize value and satisfy court orders, aiming to close ongoing contempt proceedings while safeguarding investor interests.

However, SICCL highlighted challenges in the market, including weak buyer confidence, multiple ongoing litigations, and investigations against Sahara officials, which have hindered asset sales.

“Parallel and uncoordinated actions are creating confusion and unwarranted doubt among investors, effectively hampering efforts to monetize assets and comply with court directions,” the plea stated.

The plea also mentioned that in the absence of a designated decision-making authority, some individuals attempted unauthorized dealings with Sahara assets using outdated board resolutions. Complaints were filed across jurisdictions to protect the group’s assets.

The proposed transaction under the September 6 term sheet covers 88 properties. SICCL said the sale would unlock substantial value from Sahara’s key immovable assets and help meet its financial obligations under court orders.

Earlier, on September 12, the Supreme Court approved the disbursal of Rs 5,000 crore from the Rs 24,030 crore deposited with SEBI to repay dues of Sahara Cooperative Society depositors, in line with a March 2023 order allowing a similar allocation.

The plea emphasizes that the property sale aims to maximize returns for investors while ensuring compliance with all legal and financial directives.