NEW DELHI: The Sahara India Commercial Corporation Ltd (SICCL) has moved the Supreme Court seeking its permission to sell various properties, including Amby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Private Limited.
The plea, which was mentioned for hearing recently, would likely come up on October 14.
The petition filed through advocate Gautam Awasthi says: “…to outright sell various properties belonging to Sahara Group to Adani Properties Pvt Ltd, for the consideration and on the terms set out in the term sheet dated September 6, 2025.”
The interlocutory application said pursuant to various orders passed by this court and after taking its permission, the SICCL and the Sahara Group were, with great difficulty, able to liquidate certain movable and immovable assets, the proceeds of which were deposited into the SEBI-Sahara Refund Account.
“Out of a total principal amount of Rs 24,030 crore, the Sahara Group has realised approximately Rs 16,000 crore and deposited the same in the said account,” it said.
Pointing to the inability of SEBI to liquidate or sell Sahara Group assets, the SICCL said the entirety of the funds deposited in the SEBI-Sahara Refund account were deposited through the sole efforts of the Sahara Group.
The SICCL further said post the death of Sahara Group chief Subrata Roy in November 2923, the group lost its sole decision maker. The family members are not involved in the day-to-day business operations and they desire to safeguard the interest of the investors.
It said the decision was taken in the interest of all stakeholders, so that their claims would be well satisfied and they receive maximum value. The efforts, however, did not yield any positive results due to the prevailing market conditions and absence of viable offers.
The efforts were further complicated with multiple investigating agencies having initiated inquiries against the family members of late Subrata Roy and other senior officials of the group.
Seeking the court’s approval for transactions under the term sheet dated September 6 for the sale of 88 properties mentioned in the schedule, the group said the proposed transaction represents a significant breakthrough, ensuring compliance of financial obligations required to be fulfilled by the group pursuant to the court orders.
