Supreme Court will hear Sahara India’s plea on Tuesday seeking approval to sell Amby Valley in Maharashtra and Shahara Saher in Lucknow to Adani Properties. Another plea on releasing Sahara Communications employees’ salaries withheld since 2014 will also be heard.
The Supreme Court set to hear a plea from Sahara India Commercial Corporation Ltd (SICCL) on Tuesday, requesting authorization to sell various assets, including Amby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Private Limited.
According to the court’s website, a special bench consisting of Chief Justice B R Gavai and Justices Surya Kant and M M Sundresh will address the plea at 2 PM.
A lawyer requested the court to hear another plea regarding the release of salaries for employees of a Sahara group firm, noting that salaries for those at Sahara Communications have been withheld since 2014.
Additionally, a counsel representing one of the potential buyers of Sahara properties asked for another plea to be listed, which seeks to direct the Securities and Exchange Board of India (SEBI) to release documents related to the sale of specific properties.
In its application, SICCL seeks the court’s permission to proceed with the sale of several properties to Adani Properties Private Limited, highlighting the terms outlined in a term sheet dated September 6, 2025.
The plea, filed by advocate Gautam Awasthi, states,
“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.”
The interlocutory application, submitted in relation to ongoing matters involving the Sahara Group, explains that through various court orders, SICCL and the Sahara Group have managed to liquidate certain movable and immovable assets, with the proceeds deposited into the SEBI-Sahara Refund Account.
It notes,
“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 points out that SEBI has struggled to liquidate or sell Sahara Group assets, despite engaging well-known estate brokerage firms. The application emphasizes that the funds in the SEBI – Sahara Refund Account were primarily generated through the efforts of SICCL and the Sahara Group.
Following the passing of Sahara Group chief Subrata Roy in November 2023, the group lost its primary decision-maker who had been responsible for all major decisions. The family of the late Roy has not been involved in the group’s daily operations, yet they expressed a desire to protect investor interests.
Consequently, the Sahara Group has decided to expedite the liquidation of its assets at maximum value to meet court orders and resolve ongoing contempt proceedings.
SICCL asserts that this decision benefits all stakeholders, particularly investors, ensuring their claims are addressed and they receive optimal value.
However, it notes that various factors, including market conditions, a lack of viable offers, and ongoing legal disputes, have diminished buyer confidence and hindered the sale of these properties.
In light of Roy’s death and the absence of a designated decision-making authority within the Sahara Group, the application states that some individuals have attempted to handle the group’s immovable assets without proper authorization, relying on outdated board resolutions. SICCL has taken action through complaints in various jurisdictions to safeguard the group’s assets and prevent unauthorized transactions.
The plea seeks the court’s approval for transactions outlined in the September 6 term sheet between SICCL and Adani Properties Private Limited, involving the sale of 88 properties.
The group emphasizes that this transaction represents a significant opportunity to unlock considerable value from its key immovable assets and ensure compliance with financial obligations mandated by the court.
Earlier, On September 12, the Supreme Court ordered the disbursement of Rs 5,000 crore from the over Rs 24,030 crore deposited by the Sahara Group with SEBI to repay the dues of depositors associated with the Sahara Group of Cooperative Societies.
This order aligns with a similar application approved by the court on March 29, 2023, allowing Rs 5,000 crore for the same purpose.