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Sahara India Commercial Corporation Ltd (SICCL) has approached the Supreme Court for approval to sell 88 properties, including Amby Valley and Sahara Saher, to Adani Properties Private Limited. The move aims to speed up asset liquidation and fulfill financial obligations toward investors, particularly after Sahara chief Subrata Roy's death. Despite earlier efforts to sell assets, market conditions, pending litigations, and uncoordinated investigations slowed progress. The proposed transaction is seen as a significant step in unlocking the value of Sahara Group's major properties and settling investor dues efficiently.
Sahara India Commercial Corporation Ltd (SICCL) has petitioned the Supreme Court seeking approval to sell 88 of its key properties, including the 8,810-acre Amby Valley City near Lonavala and Sahara Saher in Lucknow, to Adani Properties Private Limited. The plea, filed through advocate Gautam Awasthi, specifies that the sale would follow the terms outlined in a term sheet executed earlier this month. The Court is expected to consider the petition soon. Advertisement
The application details that over time, SICCL and the Sahara Group managed, with difficulty, to liquidate certain movable and immovable assets, depositing proceeds in the SEBI Sahara Refund Account. Out of a total principal amount of INR 24,030 crore, around INR 16,000 crore has already been realized through asset sales. The plea points out that SEBI's attempts to liquidate the remaining assets have not succeeded, despite engaging reputed brokerage firms, making the Sahara Group's efforts critical to investor repayment.
Following the death of Sahara Group chief Subrata Roy in November 2023, the group lost its sole decision-maker. Family members were not involved in daily operations, but they expressed a desire to safeguard investors' interests. As a result, Sahara decided to liquidate its assets quickly and at maximum value to comply with court orders, discharge liabilities, and close ongoing contempt proceedings.
The petition also explains that market challenges, multiple pending litigations, and investigations against senior Sahara officials and family members have slowed asset monetization. Uncoordinated actions by various parties created confusion and hampered the group's efforts. Unauthorized attempts by individuals to handle immovable assets without proper authority were addressed through legal complaints to protect the group's interests.
The proposed sale to Adani Properties represents a major opportunity to unlock substantial value from Sahara Group's key properties while ensuring that financial obligations to investors are met. Previously, the Supreme Court had ordered the disbursal of INR 5,000 crore from the SEBI Sahara Refund Account to repay depositors, demonstrating ongoing efforts to resolve investor claims.
Source PTI
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