NEW DELHI: The Supreme Court has requested responses from the Centre, the Securities and Exchange Board of India (SEBI), and other stakeholders regarding a petition by Sahara India Commercial Corporation Ltd (SICCL) to sell 88 prime properties to Adani Properties Private Limited.
A special bench led by Chief Justice B R Gavai, along with Justices Surya Kant and M M Sundresh, reviewed the interlocutory application related to the Sahara Group’s refund obligations.
The bench, acknowledging Solicitor General Tushar Mehta’s submissions, directed that the Union Ministries of Finance and Cooperation be added as parties to these proceedings and requested their response by November 17. They also asked amicus curiae, senior advocate Shekhar Naphade, to gather details about the 88 properties slated for sale to the Adani group.
The bench instructed the amicus to consider responses from other stakeholders regarding these properties and to report on their status, including any disputes associated with them.
“The IA (interim application) filed by SICCL needs to be considered carefully. The Solicitor General expressed that the Union must be consulted before any decisions are made regarding the application,” the bench stated. “We direct the applicant to include the Ministry of Finance and the Ministry of Cooperation in these discussions, as there are properties where rights are yet to be fully established,” it added.
“Before we proceed with the application, parties claiming rights to any of the listed properties should present their claims to the amicus curiae,” the bench instructed.
The bench also urged the amicus to enlist the help of an assisting counsel to compile a detailed chart illustrating the properties—highlighting where disputes exist, where rights are confirmed, and where uncertainties remain.
The Supreme Court will review the responses from the Centre, amicus curiae, and SEBI regarding Sahara’s application.
“We will determine whether the properties are to be sold individually or collectively,” Chief Justice Gavai noted.
The court also directed the Sahara Group to address claims from workers who have not been compensated for extended periods and instructed the amicus to investigate this issue. The matter of employee salaries and arrears will be discussed on the next hearing date.
The Supreme Court has scheduled all pleas, including the intervention application and the Sahara Group’s plea, for consideration on November 17.
Senior advocate Kapil Sibal, representing the Sahara Group, informed the court that they propose a comprehensive plan to sell their properties in bulk, with intentions to deposit approximately ₹12,000 crore toward outstanding liabilities from the sale proceeds.
Solicitor General Tushar Mehta, representing the Centre, noted that the government may have a role in the transaction and requested that the Ministry of Finance and the Ministry of Cooperation be included in the discussions.
Amicus curiae Shekhar Naphade clarified that, according to court orders, the Sahara Group must deposit ₹25,000 crore in the SEBI-Sahara refund account, of which ₹16,000 crore has been paid, leaving a deficit of ₹9,481 crore.
Naphade suggested that Sahara should first address this deficit before the court decides on the 15% interest on the outstanding amount and the sale of properties without third-party rights.
Senior advocate Arvind Datar, appearing for SEBI, indicated that Sahara had permission to sell properties as long as the sale price met or exceeded 90% of market value, while SEBI’s involvement would be minimal, provided the transaction remains under court supervision.
Senior advocate Mukul Rohatgi, representing Adani Properties, stated his client is prepared to acquire all 88 properties mentioned in SICCL’s request, including agreements with existing claims, to prevent further disputes.
Senior advocate Gopal Sankarnarayanan, representing some intervenors, pointed out that the application addresses 88 properties, many of which are already contested or under agreements with other parties, and suggested that an amicus curiae should evaluate all claims and counterclaims.
SICCL has approached the Supreme Court to get approval for selling the 88 properties, which include notable sites like Amby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Private Limited.
The petition, submitted through advocate Gautam Awasthi, states, “We seek permission 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.”
