Today, On 17th November, The Supreme Court granted four weeks to the Centre and other parties to file their responses in the Sahara–Adani asset sale case. The Court adjourned Sahara’s plea and said the matter will be listed again after six weeks.
The Supreme Court is preparing to hear a request from Sahara India Commercial Corporation Ltd. (SICCL) for permission to sell several of its major assets, including Maharashtra’s Amby Valley and Sahara Saher in Lucknow, to Adani Properties Pvt. Ltd.
During the hearing, Senior Advocate Shekhar Naphade, who is assisting the Court as Amicus Curiae, informed the Bench that he has now received 34 claims regarding different properties that Sahara did not disclose earlier.
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He stated,
“I’ve now received 34 claims regarding various properties that Sahara failed to disclose. They should issue a public notice in newspapers about all 88 properties. New claims keep coming in daily many of these assets appear to have been sold or leased out.”
Responding to this, Senior Advocate Kapil Sibal told the Court that many of these claims and supporting papers are not genuine.
He argued,
“Many of these documents are forged.”
Chief Justice of India BR Gavai said that the Court cannot verify all these details at this early stage and added,
“The Court cannot examine all of this at this stage. Let all parties file their responses first.”
The Court recorded that the Amicus has already submitted a detailed note.
Solicitor General Tushar Mehta and Kapil Sibal requested four weeks’ time to file their responses.
The Solicitor General also asked the Court to include the Ministry of Cooperation as a party in this matter.
The Bench agreed to their requests and granted four weeks for filing the responses. It further directed that the case should be listed again after six weeks for the next hearing.
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Earlier, On October 14, the Supreme Court requested replies from the Centre, the Securities and Exchange Board of India (SEBI), and other relevant parties regarding a petition from Sahara India Commercial Corporation Ltd (SICCL).
The petition seeks approval to sell its 88 prime properties to Adani Properties Private Limited.
Additionally, on September 12, the Court authorized the release of Rs.5,000 crores from the SEBI-Sahara account to the depositors.
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