NEW DELHI: The Supreme Court is set to hear a plea from Sahara India Commercial Corporation Ltd (SICCL) on Tuesday, requesting permission to sell properties, including Amby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Private Limited.
A special bench led by Chief Justice B R Gavai, along with Justices Surya Kant and M M Sundresh, will consider the request at 2 PM.
On Monday, an attorney presented another plea regarding the release of salaries for employees at a Sahara group firm, noting that salaries have been on hold since 2014. Additionally, a lawyer representing one of the Sahara property buyers requested that the Securities and Exchange Board of India (SEBI) be directed to release documents concerning the sale of certain assets.
The SICCL’s application seeks court approval to sell various Sahara Group properties, specifying terms outlined in a September 6, 2025 term sheet.
According to the application, due to various court orders, the SICCL and Sahara Group managed to liquidate some of their assets, with proceeds going to the SEBI – Sahara Refund Account. Out of a principal amount of ₹24,030 crore, approximately ₹16,000 crore has been generated and deposited into this account.
The SICCL noted SEBI’s inability to liquidate or sell Sahara Group assets, despite utilizing established estate brokerage firms, stating that all deposited funds were realized through strenuous efforts by SICCL and the Sahara Group.
After the passing of Sahara Group chief Subrata Roy in November 2023, the group had lost its primary decision-maker. His family members were not involved in day-to-day operations, but they wished to protect investors’ interests by liquidating group assets for maximum value.
The SICCL emphasized that this plan aims to fulfill court orders and settle the Sahara Group’s liabilities while addressing investors’ claims effectively.
However, challenges arose due to the current market conditions, lack of viable bids, and ongoing litigations, which diminished buyer confidence and affected property marketability.
In light of Roy’s death and absent a designated decision-maker, the plea raised concerns about unauthorized attempts to deal with the group’s assets.
Ultimately, the SICCL seeks approval for the sale of 88 properties to Adani Properties, as outlined in the September 6 term sheet, which it claims represents a significant opportunity to unlock the value of key Sahara Group assets and ensure compliance with court-mandated financial obligations.
On September 12, the Supreme Court instructed the disbursement of ₹5,000 crore of the ₹24,030 crore deposited by the Sahara Group with SEBI to repay dues owed to depositors of the Sahara Group of Cooperative Societies, corroborating an earlier ruling from March 29, 2023.
