Today, on October 14, Supreme Court sought response from the Union Government and SEBI on Sahara India Commercial Corporation’s plan to sell 88 properties, including Amby Valley and Sahara Seher, to Adani Properties. Hearing listed for November 17.
The Supreme Court sought the response of the Union Government and SEBI on the applications filed by Sahara India Commercial Corporation Ltd (SICCL), seeking permission to sell 88 properties, including Amby Valley in Maharashtra and Sahara Seher in Lucknow, to Adani Properties Pvt Ltd.
The Court also directed Sahara to implead the Ministries of Finance and Corporate Affairs in its application.
A bench comprising Chief Justice of India BR Gavai, Justice Surya Kant and Justice MM Sundresh heard the matter.
Senior Advocate Kapil Sibal, representing Sahara, told the Court,
“We are proposing a plan.”
Solicitor General Tushar Mehta responded,
“It seems like a reasonable suggestion, but the Centre also needs to review it. We suggest impleading the secretaries of cooperative societies so that the government can present a complete picture.”
Counsel for SEBI added,
“Sahara can sell the properties, but not for less than 90% of the market value. SEBI has no objection as long as the sale happens under the Court’s supervision.”
Justice Surya Kant noted,
“Recently, we directed disbursement of Rs.500 crore.”
The counsel clarified,
“That was meant for cooperative societies.”
Sibal further explained,
“Those funds come from the SEBI–Sahara account.”
Senior Advocate Gopal Sankarnarayanan raised concerns, saying,
“The application involves 88 properties, and many of us have grievances some have already been sold or have agreements in place. An amicus curiae should be appointed to examine this.”
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CJI B.R. Gavai suggested,
“It would be better if both the Centre and the amicus evaluate the proposal.”
The counsel highlighted,
“First, Sahara must deposit Rs.9,000 crore; the issue of interest will arise thereafter.”
Sibal countered,
“The buyers are expected to deposit over Rs.12,000 crore. The question remains who will get the interest?”
The counsel clarified,
“As per the decree, the interest rate is 15%.”
Sibal added,
“That applies only if depositors are actually found, otherwise not.”
Justice Surya Kant remarked,
“There could be bidders willing to pay ten times more than what you’re offering.”
Justice M.M. Sundresh noted,
“The issue here involves conflicting interests among multiple parties we’ll need to examine the overall scheme before proceeding.”
Arvind Datar observed,
“Of 88 properties, uncontested ones can be sold. SEBI couldn’t sell earlier; Sahara later listed Rs.1.6 lakh crore worth of assets in a sealed cover.”
Mukul Rohatgi informed the Court,
“Adani is ready to buy all properties and take on all claims to end the prolonged litigation.”
The Court Ordered An interlocutory application was filed by Sahara India Commercial Corporation Ltd (SICCL). The SG submitted that before considering the reliefs sought, it would be appropriate to hear the Union of India. The Supreme Court directed the applicant to implead the Ministry of Finance as a party.
The Court noted that some of the properties mentioned in the application involve disputed ownership or rights yet to be crystallised between different parties. The Amicus Curiae stated that Sahara Housing and Sahara Real Estate have already deposited certain amounts.
The Union of India, SEBI, and the Amicus were directed to jointly examine the matter.
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Before considering the application, parties claiming any rights over the properties mentioned shall submit their details to the Amicus Curiae. The Amicus may take assistance from a counsel to prepare a chart categorizing the properties as disputed, rights crystallised, or uncertain.
The Union of India, Amicus, and SEBI are asked to respond to the prayers made in the IA. Sahara is also directed to examine workers’ claims before the next hearing.
The matter is now listed for hearing on November 17.
Case Title : SECURITIES AND EXCHANGE BOARD OF INDIA v. SUBRATA ROY SAHARA AND ORS. AND ORS.| CONMT.PET.(C) No. 1820-1822/2017 in CONMT.PET.(C) No. 413/2012 In C.A. No. 9833/2011