Centre seeks time on Sahara-Adani property deal hearing
Supreme Court on Monday agreed to postpone the hearing regarding the massive Sahara India asset sale proposal. The apex court has granted the Central Government a six-week window to file its response to Sahara’s application, which seeks permission to sell its widespread real estate holdings to Adani Properties Private Limited.
The legal move is part of Sahara India Commercial Corporation Ltd’s (SICCL) latest effort to generate funds for the long-pending SEBI-Sahara refund. The group has proposed selling a portfolio of 88 properties, including the luxurious, 8,810-acre Aamby Valley City in Maharashtra. The total proceeds are intended to clear dues owed to millions of investors, a significant number of whom are based in states like Odisha, West Bengal, and Bihar.
During the proceedings before a bench comprising Justices Surya Kant and M M Sundresh, Solicitor General Tushar Mehta requested additional time for the government to review the application. Mehta also successfully argued for the Union Ministry of Cooperation to be added as a party to the case, citing the involvement of numerous cooperative societies and their depositors in the Sahara ecosystem.
However, the proposed sale to Adani Properties faces complications. Senior Advocate Shekhar Naphade, serving as the Amicus Curiae, alerted the court to potential discrepancies. He revealed that he has received at least 34 claims regarding properties that Sahara allegedly failed to disclose. Naphade suggested that a public notice be issued by SEBI to invite objections regarding these 88 properties to ensure transparency. He further noted that some property descriptions were too vague to identify clearly.
Representing Sahara, Senior Advocate Kapil Sibal contended that many of the claims mentioned by the Amicus Curiae relied on forged documents and promised a detailed response once specifics were provided.
The Sahara Group maintains that after several failed attempts to liquidate assets piecemeal, they have finally identified a "credible buyer" in Adani Properties to take over the assets in a single block. The application highlighted that uncoordinated investigations by various agencies against the family of the late Subrata Roy are creating confusion and hindering the asset monetization process necessary to comply with the Supreme Court’s directives.
Currently, Sahara has deposited approximately Rs 16,000 crore into the refund account, against a principal liability of Rs 24,030 crore.
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