Advertisement
Sahara India Commercial Corporation Ltd (SICCL) has approached the Supreme Court seeking permission to sell multiple properties, including Aamby Valley in Maharashtra and Sahara Shahar in Lucknow, to Adani Properties Private Limited. The plea, linked to ongoing Sahara Group matters, highlights the group's intent to liquidate its assets to repay investors. The move follows the death of Sahara Group founder Subrata Roy last year, which left the conglomerate without a formal decision-maker. The proposal aims to maximise asset value and meet court-directed financial obligations.
The Supreme Court was expected to hear Sahara India Commercial Corporation Ltd's (SICCL) plea earlier this week, seeking approval to sell several properties - notably Aamby Valley in Maharashtra and Sahara Shahar in Lucknow - to Adani Properties Private Limited. A special bench comprising Chief Justice B. R. Gavai and Justices Surya Kant and M. M. Sundresh was scheduled to review the matter. Advertisement
The plea, filed through advocate Gautam Awasthi, requested permission to execute the sale as per a term sheet dated September 6, 2025. The application stated that Sahara Group had previously liquidated both movable and immovable assets, raising around INR 16,000 crore out of a principal INR 24,030 crore, which was deposited in the SEBI-Sahara Refund Account.
The company argued that the Securities and Exchange Board of India (SEBI) had been unable to sell Sahara Group's assets despite hiring prominent real estate brokers. It added that the deposited funds were realised solely through the group's efforts.
Following the death of Sahara Group founder Subrata Roy in November 2023, SICCL stated that the conglomerate lost its key decision-maker. Although his family members were not involved in day-to-day operations, they expressed a desire to safeguard investors' interests by liquidating assets at the highest possible value to settle the group's liabilities and comply with court orders.
SICCL mentioned that market challenges, litigation, and low buyer confidence had hindered previous attempts at asset sales. The plea also alleged that certain individuals had tried to manage Sahara assets using outdated board resolutions, prompting the company to initiate legal action to prevent unauthorised transactions.
The proposed transaction between SICCL and Adani Properties for 88 properties was described as a breakthrough that could unlock significant value from Sahara's real estate portfolio while enabling the group to meet its financial obligations under judicial directions. Earlier, the Supreme Court had permitted the release of INR 5,000 crore from the SEBI-Sahara Refund Account to repay depositors of Sahara's cooperative societies, following similar orders issued in March 2023.
Sahara India Commercial Corporation's proposal to sell key assets to Adani Properties represents a major step in resolving long-standing investor repayment issues. With the group's leadership transition following Subrata Roy's death, the move underscores its renewed efforts to liquidate assets efficiently and meet court-imposed obligations. If approved, the deal could bring much-needed clarity and stability to one of India's most complex corporate recovery cases.
Source - PTI
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
