Sahara India Commercial Corporation has sought Supreme Court approval to sell 88 properties, including Amby Valley and Sahara Saher, to Adani Properties. The group says the move will help repay investors and settle pending liabilities.
New Delhi: The Sahara India Commercial Corporation Ltd (SICCL) has approached the Supreme Court of India seeking approval to sell several of its properties, including the famous Amby Valley in Maharashtra and Sahara Saher in Lucknow, to Adani Properties Private Limited.
The application, which was mentioned for an urgent hearing recently, is likely to come up before the top court on October 14, 2025.
The plea, filed through advocate Gautam Awasthi, stated,
“..to outright sell various properties belonging to the Sahara Group to Adani Properties Private Limited, for the consideration and on the terms and conditions as set out in the term sheet dated September 6, 2025.”
This interlocutory application has been filed in the ongoing matters relating to the Sahara Group. It explained that, pursuant to several orders passed earlier by the Supreme Court, SICCL and Sahara Group had, with great effort, managed to sell or liquidate some of their movable and immovable assets.
The proceeds from these sales were deposited in the Sebi Sahara Refund Account.
The plea highlighted,
“Out of a total principal amount of Rs 24,030 crore, the Sahara Group, by way of sale/liquidation of their movable and immovable assets have realised an amount of approximately Rs 16,000 crore and deposited the same in the Sebi Sahara Refund Account.”
SICCL also pointed out the difficulties faced by Sebi in trying to sell Sahara Group assets. It noted that even though reputed real estate brokers were engaged, they failed to generate results.
According to the company, the entirety of the funds deposited in the Sebi Sahara Refund Account were deposited through the sole efforts of and with great difficulty by the applicant and the Sahara Group.
The plea further added that the Sahara Group went through a major leadership crisis after the death of its founder, Subrata Roy, in November 2023.
It stated,
“The family members of the late Subrata Roy were not involved in the day-to-day business operations and management of the Sahara Group. However, considering the family members desire to safeguard the interest of the investors, the Sahara Group has decided that the assets of the Sahara Group be liquidated at the maximum value and in an expeditious manner to satisfy the orders passed by this court, to discharge the liabilities of the Sahara Group and put a close to the present contempt proceedings.”
The application explained that this decision was taken in the best interest of all stakeholders, especially the investors.
It said that while efforts were made to sell the properties, they failed because of poor market conditions, lack of viable offers, and multiple ongoing litigations. These challenges created uncertainty and reduced confidence among buyers, which hurt the value of the properties.
Adding to the complications, several investigating agencies had also started inquiries against the family members of late Subrata Roy and senior Sahara officials.
According to the plea,
“The said parallel and uncoordinated actions are not only creating confusion, conflicting narratives, and unwarranted doubt in the mind of investors/ depositors but are also effectively hampering, and are likely to further hamper, the ongoing efforts of the Sahara Group to monetise its assets and comply with the directions of this court.”
The plea also highlighted that after Roy’s death, there was no formally designated decision-making authority within the group. Some individuals, based on old board resolutions, attempted to deal with Sahara’s immovable properties without proper authority.
SICCL said such attempts were stopped by filing complaints in different jurisdictions to prevent any misuse of the assets.
The company has now sought the court’s approval for the deal made on September 6, 2025, between SICCL and Adani Properties Private Limited. This deal covers the sale of 88 properties listed in the schedule of the term sheet.
According to the Sahara Group, this move represents a breakthrough as it will unlock significant value from the group’s key immovable assets and ensure compliance with its financial obligations under the Supreme Court’s orders.
The plea also comes in the backdrop of the Supreme Court’s order dated September 12, 2025. On that day, the apex court had directed that Rs 5,000 crore out of the total Rs 24,030 crore deposited by Sahara with Sebi be disbursed to repay the dues of the Sahara Group of Cooperative Societies’ depositors.
This order was in continuation of the earlier order dated March 29, 2023, when the Centre’s similar application was allowed for repayment of another Rs 5,000 crore to the depositors.
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