8 months ago
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The Sahara India Commercial Corporation Ltd (SICCL) has moved the Supreme Court seeking its support to merchantability assorted properties, including Amby Valley successful Maharashtra and Shahara Saher successful Lucknow, to Adani Properties Private Limited.
The plea, which was mentioned for proceeding recently, would apt travel up connected October 14.
Seeking the permission, the plea filed done advocator Gautam Awasthi, said, "..to outright merchantability assorted properties belonging to the Sahara Group to Adani Properties Private Limited, for the information and connected the presumption and conditions arsenic acceptable retired successful the word expanse dated September 6, 2025."
The interlocutory application, filed successful the pending matters related to Sahara group, said pursuant to assorted orders passed by this court, from clip to time, and aft taking the support of this tribunal done assorted orders, the SICCL and the Sahara Group were, with large difficulty, capable to liquidate definite movable and immovable assets of theirs, the proceeds of which were deposited into the SEBI – Sahara Refund Account.
"Out of a full main magnitude of Rs 24,030 crore, the Sahara Group, by mode of sale/liquidation of their movable and immovable assets person realised an magnitude of astir ₹16,000 crore and deposited the aforesaid successful the SEBI – Sahara Refund Account," it said.
Pointing to the inability of the Securities and Exchange Board of India (SEBI) to liquidate oregon merchantability Sahara Group assets, contempt engaging reputed property brokerage companies, the SICCL said the entirety of the funds deposited successful the SEBI – Sahara Refund Account were deposited done the sole efforts of and with large trouble by the applicant and the Sahara Group.
The SICCL further said station the decease of Sahara Group main Subrata Roy successful November 2023, the radical mislaid its sole determination maker, who was until now, making each decisions connected its behalf.
"The household members of the precocious Subrata Roy were not progressive successful the day-to-day concern operations and absorption of the Sahara Group. However, considering the household members tendency to safeguard the involvement of the investors, the Sahara Group has decided that the assets of the Sahara Group beryllium liquidated astatine the maximum worth and successful an expeditious mode to fulfill the orders passed by this court, to discharge the liabilities of the Sahara Group and enactment a adjacent to the contiguous contempt proceedings," it said.
The SICCL said the determination was taken successful the involvement of each stakeholders, astir peculiarly successful the involvement of the investors successful the Sahara Group truthful that their claims would beryllium good satisfied and they person maximum value.
It, however, said the efforts did not output immoderate affirmative effect owed to the prevailing marketplace conditions, lack of viable offers, and the pendency of aggregate litigations, each of which collectively eroded purchaser assurance and importantly impacted the marketability of the said properties.
It said the efforts were further analyzable with aggregate investigating agencies having initiated inquiries against the household members of Late Subrata Roy and different elder officials of Sahara Group.
"The said parallel and uncoordinated actions are not lone creating confusion, conflicting narratives, and unwarranted uncertainty successful the caput of investors/ depositors but are besides efficaciously hampering, and are apt to further hamper, the ongoing efforts of the Sahara Group to monetise its assets and comply with the directions of this court," the plea said.
Following Roy's decease successful November 2023, and successful the lack of a formally designated decision-making authorization wrong the Sahara Group, the plea said, definite persons portion relying connected outdated committee resolutions attempted to woody with immovable assets of the radical without due authority.
They were dealt with due enactment done complaints crossed assorted jurisdictions to support the group's assets and forestall immoderate unauthorised transactions, it added.
Seeking support of transactions arsenic contemplated nether the word expanse dated September 6, executed betwixt the SICCL and Adani Properties Private Limited for the merchantability of 88 properties mentioned successful the schedule, the radical said the projected transaction represents a important breakthrough, not lone successful unlocking important worth from the Sahara Group's cardinal immovable assets, but besides ensuring compliance with the fiscal obligations required to beryllium fulfilled by the Sahara Group pursuant to tribunal orders.
On September 12, the apical tribunal ordered the disbursal of ₹5,000 crore of implicit ₹24,030 crore deposited by Sahara Group with SEBI to repay dues of the depositors of the Sahara Group of Cooperative Societies.
It had said the bid was successful enactment with the March 29, 2023 bid wherever a akin exertion of the Centre was allowed for allocation of ₹5,000 crore to repay dues of the depositors of the Sahara Group of Cooperative Societies.
