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The Supreme Court on Tuesday sought the response of the Centre and Securities and Exchange Board of India (SEBI) on a plea filed by Sahara India Commercial Corporation Ltd (SICCL), seeking permission to sell its assets, including the 8,810-acre Aamby Valley City in Maharashtra, to Adani Properties Pvt Ltd, to raise money to refund its investors.
A bench of CJI B R Gavai and Justices Surya Kant and M M Sundresh also directed that the Ministries of Finance and Cooperation be made parties after Solicitor General Tushar Mehta submitted that the Centre may have to make a statement on Sahara’s proposal.
“This (SICCL’s proposal) appears to be a good suggestion, subject to various factors… But the Central government may also have to examine, and put its thoughts before the court. Please consider impleading the Secretary, Finance, and the Secretary, Cooperative Societies. There is a cooperation department now. Because some cooperative societies have invested through their employees, etc,” said Mehta.
The court asked the parties, including Sahara employees, to submit their claims to Senior Advocate Shekhar Naphade, the Amicus Curiae in the case.
Senior Advocate Kapil Sibal, appearing for Sahara, said earlier attempts to sell the properties piecemeal had not succeeded, and the only way out was to sell them as a single lot.
Representing SEBI, Senior Advocate Arvind Datar said Sahara could sell the properties provided the sale price is not less than 90% of the market value.
The Sahara Group, facing litigation before the SC in connection with demands for refunds to investors, has so far deposited about Rs 16,000 crore of the principal Rs 24,030 crore in the SEBI-Sahara Refund Account. Naphade pointed out that Sahara still had to pay about Rs 9,000 crore to the joint fund and suggested this be deposited first.
The court will hear the matter next on November 17.
The Sahara application said that after multiple unsuccessful attempts to sell its assets, it had found a “credible buyer” — Adani Properties Pvt Ltd — to purchase 88 properties together. The plea said efforts to sell were also complicated by multiple agencies initiating inquiries against the family members of late Subrata Roy and other senior officials of Sahara Group.
“The said parallel and uncoordinated actions are not only creating confusion, conflicting narratives, and unwarranted doubt in the mind of investors/depositors but are also effectively hampering, and are likely to hamper further, the ongoing efforts of the Sahara Group to monetise its assets and comply with the directions of this court,” the application said.
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 Subrato Roy in 2023.
Appearing for Adani Properties, Senior Advocate Mukul Rohatgi said the company realty group was ready to purchase all 88 properties.
