Tag: Sahara Group

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SC Delays Sahara’s Property Sale Hearing to Adani by 6 Weeks

NEW DELHI: On Monday, the Supreme Court postponed the hearing on Sahara Group’s request to sell properties to the Adani Group by six weeks. The court directed the Centre to respond to the note submitted by the amicus curiae regarding the matter. A bench comprising Chief Justice BR Gavai and Justices Surya Kant and MM Sundresh incorporated the Ministry of Cooperation after Solicitor General Tushar Mehta informed that multiple cooperative societies formed by the Sahara Group may be impacted. Senior advocate Shekhar Naphade, acting as an amicus curiae, presented a note to the court, highlighting numerous objections regarding the properties…

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SC asks Centre, SEBI about Sahara firm’s property sale to Adani

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…

Latest StoriesRegulatory

SC to Hear Sahara Firm’s Asset Sale Plea to Adani Tuesday

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…

Latest StoriesRegulatory

Lucknow’s Sahara Group land in Gomtinagar sealed by civic body

Representative image LUCKNOW: The Lucknow Municipal Corporation (LMC) has initiated the sealing of 170 acres in Gomtinagar, which includes the well-known Subrato Kothi owned by the Sahara Group. Signage indicating the area is sealed has been placed on-site. This action comes after an extensive inquiry led by Municipal Commissioner Gaurav Kumar, uncovering numerous violations of licensing and lease agreements. The land was originally allocated to Sahara India Housing Limited in 1994 for residential and green belt development, intended for housing plots and a planned community. However, in 1997, the LMC issued a cancellation notice for the license deed due to…

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Sahara Seeks SC Approval for Asset Sale to Adani Properties

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…

Latest StoriesRegulatory

ED Arrests Two in Sahara Group Money-Laundering Case

NEW DELHI: On Sunday, the Enforcement Directorate (ED) reported the arrest of two individuals, including an executive director from the Sahara Group chairman’s core management team and a property broker closely associated with the group, as part of a money-laundering investigation concerning the Sahara Group and its affiliates. The arrested individuals have been identified as Vailaparampil Abraham and Jitendra Prasad Verma. According to the ED, Abraham had a crucial role in facilitating the sale of Sahara Group properties, many of which allegedly involved significant unaccounted cash transactions. Verma was actively engaged in executing several of these property deals and aided…