NEW DELHI: Sahara India Commercial Corporation Ltd (SICCL) has approached the Supreme Court for permission to sell various properties, including Amby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Private Limited.
The petition, mentioned for hearing recently, is expected to come up on October 14.
In the plea filed by advocate Gautam Awasthi, it states, “..to outright sell various properties belonging to the Sahara Group to Adani Properties Private Limited under the terms outlined in the term sheet dated September 6, 2025.”
The interlocutory application, filed in ongoing matters concerning the Sahara Group, outlined the challenges faced by SICCL and the Sahara Group in liquidating certain movable and immovable assets to deposit funds into the SEBI – Sahara Refund Account.
“From a total principal amount of Rs 24,030 crore, the Sahara Group has managed to realize around Rs 16,000 crore through asset liquidation, which has been deposited into the SEBI – Sahara Refund Account,” the petition stated.
Highlighting SEBI’s inability to liquidate Sahara Group assets despite hiring reputable estate brokerage firms, SICCL emphasized that the funds were primarily raised through the arduous efforts of the Sahara Group alone.
In the wake of Sahara Group chief Subrata Roy’s passing in November 2023, the group has lost its key decision-maker, who previously handled all decisions.
“The late Subrata Roy’s family members were not involved in daily operations. However, to protect investor interests, the Sahara Group aims to liquidate its assets quickly to settle liabilities and conclude current contempt proceedings,” it said.
SICCL asserted that the decision was made in the best interest of all stakeholders, especially investors, to ensure their claims are adequately settled.
However, these efforts have not been fruitful due to adverse market conditions, lack of viable offers, and ongoing litigation, which have eroded buyer confidence and significantly affected property marketability.
The situation has been further complicated by inquiries from multiple investigating agencies against the late Subrata Roy’s family members and other senior officials of the Sahara Group.
“These uncoordinated actions have caused confusion and distrust among investors/depositors, jeopardizing ongoing efforts to monetize Sahara Group assets and comply with court orders,” the plea contended.
Following Roy’s death and the absence of a designated authority within the Sahara Group, some individuals attempted to handle immovable assets based on outdated board resolutions, leading to the need for action through various complaints to protect the group’s assets.
In seeking approval for the transactions described in the term sheet dated September 6, which outlines the sale of 88 properties to Adani Properties Private Limited, the group stated that this transaction represents a major opportunity to unlock significant value from Sahara Group’s key assets while ensuring compliance with financial obligations mandated by the court.
On September 12, the Supreme Court ordered the disbursement of Rs 5,000 crore from the over Rs 24,030 crore deposited by the Sahara Group with SEBI to repay dues of Sahara Group Cooperative Society depositors.
This decision aligns with the March 29, 2023 order, which similarly allowed a Rs 5,000 crore allocation for repaying cooperative society depositors.
