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The Supreme Court has postponed by about six weeks the hearing on a Sahara Group company's request seeking approval to sell 88 properties to the Adani Group. The bench asked the Union government and other concerned parties to respond to the amicus curiae's note, which flagged issues with 34 properties, including allegations of forged documents. The Ministry of Cooperation has also been added to the case, as several cooperative societies linked to Sahara may be affected. The court had earlier sought responses from the Centre and SEBI on the proposed sale.
The Supreme Court has deferred its hearing on a Sahara Group entity's plea seeking permission to sell 88 properties to the Adani Group. The bench said the Union government must first submit its response to the note placed by the amicus curiae. This delay comes after the amicus highlighted objections concerning 34 of the properties, pointing out that some appeared to have been sold or leased earlier on the basis of documents alleged to be forged. Advertisement
Counsel for the Sahara firm requested additional time to respond to these objections and stated that they would provide clarifications regarding the records flagged by the amicus. The bench observed that verifying the legality of sale or lease deeds may not fall within the Supreme Court's scope and indicated that such matters would be more suitable for examination by a trial court or a designated committee.
The Ministry of Cooperation was added to the case because several cooperative societies established by Sahara could be affected if the transactions proceed. This step aims to ensure that all concerned stakeholders are represented before further decisions are made.
In the past week, the court recalled that it had previously asked the Centre, the Securities and Exchange Board of India and other agencies to file their responses on the Sahara firm's application. The plea involves properties located across several states, many of which are considered high-value assets, making the approval process significant from a regulatory and compliance perspective. The present delay means the matter will be taken up again after the six-week period, once all responses are on record.
Source: PTI
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