Adani Group Approaches SC To Back Sahara's Plea Seeking Approval For Selling 88 Properties

Adani Group has reportedly moved a plea in Supreme Court backing Sahara India Commercial Corporation Limited (SICCL)'s petition seeking approval for sale of 88 properties, reported CNBC TV 18 on Monday, October 13. The development has come nearly a day before the SC hearing of Sahara's plea seeking permission to sell properties, including Aamby Valley in Maharashtra and Sahara Saher in Lucknow.

The group is planning to sell most of these properties to Adani Properties Limited. As per media reports, Adani and Sahara have signed term sheet for sale of properties for an undisclosed consideration. The term sheet is also submitted to the apex court in a sealed cover.

According to Sahara's plea, the group lost its principal decision maker after the death of Saha Group Chief Subrata Roy in 2023. It also highlighted the inability of the Securities and Exchange Board of India (SEBI) to liquidate Sahara assets despite involving reputed estate brokerage firms, reported Economic Times. Additionally, the deposits in SEBI account were achieved solely through the efforts of SICCL and the Sahara Group.

SC To Hear Sahara Plea On Tuesday

The Supreme Court is set to consider a request from Sahara India Commercial Corporation Ltd (SICCL) on October 14. This plea seeks approval to sell several properties, including Aamby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Pvt Ltd. Chief Justice B.R. Gavai mentioned that a special three-judge Bench would need to be formed for this hearing.

SICCL has filed this application as part of an ongoing case concerning the Sahara group. The company stated that both it and the Sahara Group have faced significant challenges in liquidating certain assets. The proceeds from these sales were deposited into the SEBI - Sahara Refund Account.

According to SICCL, out of a total principal amount of Rs 24,030 crore, approximately Rs 16,000 crore has been realised through asset sales or liquidation. These funds have been deposited into the SEBI - Sahara Refund Account.

SICCL argues that selling these properties is crucial for satisfying stakeholder claims, including those of investors. The decision aims to maximise asset value and expedite liquidation to comply with Supreme Court orders and resolve current contempt proceedings against the Sahara Group.

The application also mentions that selling these assets aligns with stakeholders' interests by addressing their claims efficiently. This move is seen as necessary for fulfilling obligations and closing ongoing legal matters involving the group.

The term sheet dated September 6, 2025, outlines the conditions for this proposed sale to Adani Properties Private Limited. SICCL's application was submitted through advocate Gautam Awasthi.