Sahara Seeks Supreme Court Nod to Sell 88 Properties to Adani
The Sahara Group has approached the Supreme Court of India with a proposal to sell 88 of its properties to the Adani Group in an effort to repay investors. This move comes as part of a long-standing legal battle involving the late Subrata Roy’s conglomerate, which has been under scrutiny for alleged financial irregularities and failure to return funds to depositors. The group claims that selling these assets will enable them to clear all outstanding dues owed to investors.
In its petition, Sahara stated that it has already recovered ₹16,000 crore from its total asset base of ₹24,000 crore, and this amount has been handed over to the Securities and Exchange Board of India (SEBI). The remaining properties, spread across various states in India, are now being considered for sale to the Adani Group, which has expressed interest in acquiring them. Sahara’s legal counsel argued before the court that the proceeds from this sale would be sufficient to settle all pending liabilities.
The Supreme Court, acknowledging the gravity of the matter, has sought responses from both SEBI and the central government. The bench, led by Justice B.R. Gavai, has directed the government to submit its opinion by November 17. Additionally, the court has appointed advocate Shekhar Naphade as amicus curiae to collect detailed information about the 88 properties in question.
This development marks a significant turn in the Sahara-SEBI case, which has spanned over a decade and involved multiple legal proceedings. Subrata Roy, during his lifetime, faced allegations of running a fraudulent investment scheme and was ordered by the court to deposit ₹24,000 crore. While a portion of that amount has been recovered, the sale of these remaining assets could potentially bring closure to thousands of investors awaiting refunds.
The proposed deal with the Adani Group, one of India’s largest conglomerates, adds a new dimension to the case, raising questions about valuation, transparency, and regulatory oversight. As the Supreme Court awaits the government’s stance, the outcome of this petition could have far-reaching implications for investor protection and corporate accountability in India.
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