7 months ago
3
The Supreme Court is tentatively scheduled connected October 14 to perceive a plea by Sahara India Commercial Corporation Ltd (SICCL) for support to merchantability assorted properties, including Aamby Valley successful Maharashtra and Shahara Saher successful Lucknow, to Adani Properties Pvt Ltd.
When the plea was mentioned earlier successful the day, Chief Justice B.R. Gavai said a abstracted Bench of 3 judges would person to beryllium formed to perceive the plea.
“The exertion has been filed by Sahara India Commercial Corporation Limited seeking support of the Supreme Court 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 application, filed done advocator Gautam Awasthi, for SICCL, said.
The exertion has been filed successful a pending lawsuit linked to the Sahara group. SICCL said it and Sahara Group had large trouble liquidating definite of their movable and immovable assets. The proceeds were deposited into the SEBI – Sahara Refund Account.
“Out of a full main magnitude of ₹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,” the exertion said.
SICCL has argued it would “not beryllium retired of spot to notation that, arsenic tin beryllium seen from the erstwhile orders passed by the Supreme Court that though the Securities and Exchange Board of India (SEBI) had tried connected aggregate occasions to sell/liquidate the assets of the Sahara Group (including done engaging reputed property brokerage companies and consultants), it was yet incapable to liquidate immoderate assets of the Sahara Group. The entirety of the funds deposited successful the SEBI – Sahara Refund Account person been deposited done the sole efforts of and with large trouble by SICCL and the Sahara Group”.
The SICCL has said the determination to merchantability was taken successful the involvement of stakeholders, including investors, successful bid to fulfill their claims. It said large efforts were made to liquidate moveable and immovable assets successful bid to deposit the proceeds into the SEBI-Sahara Refund Account.
“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 the Supreme Court, to discharge the liabilities of the Sahara Group and enactment a adjacent to the contiguous contempt proceedings,” the exertion said.
