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.
On Thursday(5th September),The Supreme Court directed Sahara Group to deposit Rs 1,000 crore into an escrow account within 15 days and permitted a joint venture to develop its Versova land, aiming to realize Rs 10,000 crore. This amount is required to be deposited into the SEBI-Sahara refund account to return investors’ money as per a 2012 court order.
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The Supreme Court instructed Sahara Group to disclose its leadership, shareholders, and unencumbered properties for a Rs 10,000 crore refund. The court emphasized the need for a practical solution to refund investors after over a decade. Noting Sahara’s failure to deposit the full amount, the court allowed property sales to meet the refund obligation.
The Supreme Court has highlighted Sahara Group’s failure to comply with its order to deposit Rs 10,000 crore into the SEBI-Sahara refund account. The court has emphasized the need for transparency and has instructed the conglomerate to propose a scheme for selling unencumbered properties. Sebi has expressed concerns about the uncertainty regarding the timeline for the group’s payment of the outstanding amount.
