Sahara Woes
SC seeks government, SEBI reply on Sahara plea to sell 88 properties to Adani co
This story was originally published at 17:09 IST on 14 October 2025
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NEW DELHI – The Supreme Court Tuesday sought responses from the finance ministry, corporate affairs ministry, and the Securities and Exchange Board of India on Sahara India Commercial Corp. Ltd.'s plea seeking approval to sell 88 properties, including Aamby Valley in Maharashtra and Sahara Shahar in Lucknow, to Adani Properties Pvt. Ltd.
The bench led by Chief Justice of India B.R. Gavai asked parties to submit their claims to the court appointed amicus curiae regarding the properties sought to be sold by Sahara. The amicus curiae will prepare a chart identifying which properties were disputed, which were free from claims, and where ownership rights remained unclear, said the bench, also comprising Justice Surya Kant and Justice M.M. Sundresh.
Advocate Kapil Sibal, appearing for Sahara India, said that the company has proposed a comprehensive plan under which the sale proceeds from the properties, which were estimated to be INR 120 billion, would be deposited towards its outstanding liabilities. Solicitor General of India Tushar Mehta said that the proposal appeared reasonable but required consideration by the government. Adani Properties' counsel Mukul Rohatgi said that the company was ready to acquire all 88 properties in one go, even with existing claims, to avoid further litigation.
SEBI's counsel Arvind Datar said that Sahara India could sell its properties, but the sale price should not be less than 90% of the market value. Datar said that the market regulator's intervention was not necessary for approving Sahara's property sale as long as the transaction remained under the apex court's supervision. Datar said that Sahara group still owes INR 90 billion towards the SEBI-Sahara account. The top court will hear the case next on Nov. 17.
The court was hearing a 2013 contempt case by SEBI against the Sahara Group for not complying with the apex court's 2012 order. A refund account, operated by SEBI and the Sahara Group, was set up after the court in 2012 directed Sahara India Real Estate Corp. Ltd. and Sahara Housing India Corp. Ltd. to refund almost INR 240 billion to those who had invested in their optionally fully convertible debentures between 2008 and 2011.
In February, the court had sought responses from the Union environment ministry and the Maharashtra government on whether Sahara India Commercial Corp.'s 106-acre plot in Versova, Mumbai, lies in a mangrove area. The court had directed a meeting of officers of Sahara India, SEBI, and property consultants to explore terms and conditions on which the plot could be monetised for maximum value. The court's direction was to enable payment of the remaining dues of the Sahara Group.
On Sept. 12, the court had allowed the Centre to withdraw another INR 50 billion from the money deposited by the Sahara Group with SEBI to repay dues of the Sahara Group of Cooperative Societies. In 2023, the apex court had approved a similar request by the government for INR 50 billion. End
Reported by Surya Tripathi
Edited by Ashish Shirke
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