Sahara Group seeks SC nod to sell its assets to Adani Properties, raise money to refund investors

The Sahara Group, which is facing litigation in connection with demands for issuing refunds to its investors, has so far been able to deposit only Rs 16,000 crore in the SEBI-Sahara refund account, out of the principal amount of Rs 24,030 crore.

It said that after multiple unsuccessful attempts to sell its assets, the Group finally found a “credible buyer” — Adani Properties Private Limited — to purchase all the properties together.

The application also gave a list of over 87 assets which the group wishes to sell to Adani Properties. This includes 106 acres of land in Andheri in Maharashtra, 170 acres Sahara Shaher in Lucknow, Hotel Sahara Star in Mumbai besides land parcels in Haryana, West Bengal and Bhubaneswar among others.

The plea said the efforts to sell the properties were also complicated, with multiple investigating agencies initiating inquiries against the family members of late Subrata Roy and other senior officials of the Sahara Group.

It pointed out that the decision to sell all properties in one block instead of in a piecemeal fashion was taken owing to the “unauthorised and disruptive conduct… of certain… individuals, who, acting without any lawful mandate, sought to alienate valuable assets of the Sahara Group” following the death of the Group’s founder Subrata Roy Sahara in 2023.

“Thereafter, the management of the Sahara Group, apprehending continuation of such unauthorised actions and also individuals who are holding certain immovable properties on behalf of the Sahara Group may sell such properties without the consent of the Sahara Group, has sought to sell outright and in a single block/lot, substantially all of the remaining assets to a single entity in order to realise maximum value, most importantly in an expedited timeline such that the liabilities can be discharged at the earliest,” it said.

The Group said if its proposal is approved, the money from the sale will be deposited into the SEBI-Sahara Refund Account or such other account as the SC directs. It also said that it will submit the Term Sheet executed on September 6, outlining the conditions of the potential agreement, in a sealed cover to the court.

It urged the SC to appoint an Overview Committee to oversee the sale of the properties and to ensure that all liabilities towards investors, employees, statutory authorities, and operational creditors are identified, adjudicated and discharged utilising the sale proceeds.