New Delhi, Sep 29 (PTI) The Sahara India Commercial Corporation Ltd (SICCL) has approached the Supreme Court seeking approval to sell several properties, including Amby Valley in Maharashtra and Sahara Shahar in Lucknow, to Adani Properties Private Limited. The plea, recently mentioned for a hearing, is expected to be addressed on October 14. The application, submitted through advocate Gautam Awasthi, seeks permission for the outright sale of various Sahara Group properties to Adani Properties, as outlined in the term sheet dated September 6, 2025. As highlighted in the interlocutory application filed within ongoing Sahara Group cases, SICCL and the Sahara Group have, over time, managed to liquidate certain assets and deposit proceeds into the SEBI – Sahara Refund Account, thanks to court-sanctioned orders. Of a total principal amount of Rs 24,030 crore, the Sahara Group reportedly realized approximately Rs 16,000 crore through asset sales, with the amount deposited into the SEBI – Sahara Refund Account. Despite SEBI's efforts, including hiring reputed brokerage firms to liquidate Sahara's assets, the SICCL argues that funds deposited in SEBI's account resulted solely from their efforts. The situation has been further complicated by the passing of Sahara Group chief Subrata Roy in November 2023, leaving the Group without its primary decision-maker. In an announcement, the SICCL stated that family members of the late Subrata Roy were not previously involved in business operations, but they now prioritize safeguarding investors' interests. The Group has thus decided to liquidate assets expeditiously at maximum value to meet court orders and satisfy liabilities amid ongoing contempt proceedings. The decision aims to satisfy stakeholders, optimizing returns for investors. However, efforts to liquidate were stonewalled by market conditions, lack of viable offers, and ongoing litigations which damaged buyer confidence. Additionally, investigations into family members of late Subrata Roy and Sahara officials further complicated efforts to monetize assets as mandated by the court. Following Roy's demise and absent a formal authority, some unauthorized attempts to deal with the Group's assets were thwarted through complaints across jurisdictions. The SICCL seeks Supreme Court approval for the transaction detailed in the term sheet with Adani Properties, covering the sale of 88 properties. This move is viewed as a breakthrough, potentially unlocking substantial asset value for compliance with the Sahara Group's financial obligations per court directives. On September 12, the Supreme Court ordered the disbursal of Rs 5,000 crore from the Sahara Group's Rs 24,030 crore deposited with SEBI to repay depositors. This order followed a similar application by the Centre on March 29, 2023, for allocating Rs 5,000 crore towards the depositors' dues.
(Only the headline of this report may have been reworked by Editorji; the rest of the content is auto-generated from a syndicated feed.)