Sahara Seeks Court Nod to Sell Assets to Adani Properties

03 Oct 2025 CW Team

Sahara India Commercial Corporation Ltd (SICCL) has moved the Supreme Court seeking permission to sell several properties, including Amby Valley in Maharashtra and Sahara Shaher in Lucknow, to Adani Properties Private Ltd.

The plea, filed through advocate Gautam Awasthi, seeks approval to sell assets under a term sheet signed on 6 September 2025. It is likely to be heard on 14 October. The interlocutory application comes in ongoing Sahara-related proceedings before the apex court.

According to the plea, out of a principal liability of Rs 240.3 billion, Sahara has managed to realise about Rs 160 billion through sale and liquidation of assets, which has been deposited into the SEBI–Sahara Refund Account. It said SEBI had been unable to monetise Sahara assets despite engaging reputed estate agencies, with the proceeds deposited solely through Sahara’s efforts.

The group noted that since the death of Subrata Roy in November 2023, Sahara lost its sole decision-maker. Although his family was not involved in daily operations, they have decided to safeguard investor interests by liquidating assets at maximum value and speed to meet court directives and close contempt proceedings.

However, attempts to sell properties were hampered by weak market conditions, lack of viable offers, multiple litigations, and inquiries by investigating agencies, which eroded buyer confidence. The group added that some individuals had attempted unauthorised dealings in assets, citing outdated board resolutions, but action was taken to block such moves.

The SICCL said the proposed sale of 88 properties to Adani represents a breakthrough in unlocking value and ensuring compliance with court-ordered obligations.

On 12 September, the Supreme Court had directed disbursal of Rs 50 billion from the Rs 240.3 billion Sahara deposits with SEBI towards repayment of dues owed to depositors of Sahara Group’s cooperative societies, continuing from an earlier March 2023 order.

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