The Supreme Court of India has deferred a crucial hearing concerning the Sahara Group's ambitious plan to sell a significant portion of its assets to Adani Properties Private Limited. The decision came after the central government requested additional time to formulate its response to the conglomerate's application.
A Six-Week Adjournment
During a hearing on Monday, a bench comprising Justices Surya Kant and M M Sundresh agreed to take up the matter after a six-week interval. This pause was granted following a plea by Solicitor General Tushar Mehta, who was representing the Centre. The court had initially sought responses from the Union government and the Securities and Exchange Board of India (SEBI) on October 14.
The core of the application from Sahara India Commercial Corporation Ltd (SICCL) is a request for permission to sell 88 properties across the country. The most notable asset on the list is the massive 8,810-acre Aamby Valley City in Maharashtra. The stated objective of this bulk sale is to generate funds to reimburse the group's vast base of investors.
Mounting Challenges and Undisclosed Claims
The path to this potential sale is fraught with complications. Senior Advocate Shekhar Naphade, acting as the amicus curiae (friend of the court) in the case, presented a significant hurdle. He informed the bench that he had received at least 34 claims pertaining to properties that Sahara had allegedly not disclosed to the court.
Naphade recommended that SEBI should publish a public notice in newspapers, inviting objections concerning all 88 properties slated for sale. He further revealed that he continues to receive claims from various parties asserting rights over properties that Sahara has already sold or leased out to others.
In response, Senior Advocate Kapil Sibal, representing Sahara, countered that many of the documents supporting these claims are forged. When Naphade pointed out that the descriptions of some properties were too vague to raise specific objections, Sibal committed to providing clarifications if furnished with the details.
Expanding the Scope of the Case
Adding another layer to the proceedings, Solicitor General Tushar Mehta urged the court to make the Union Ministry of Cooperation a formal party to the case. He justified this by highlighting that Sahara had formed numerous cooperative societies with their own depositors. The bench agreed to this request, thereby broadening the scope of the litigation.
This development occurs against the backdrop of Sahara's long-standing legal battle to refund its investors. The group has so far deposited only approximately Rs 16,000 crore into the SEBI-Sahara Refund Account, a fraction of the principal amount of Rs 24,030 crore it was directed to repay.
In its application, Sahara emphasized that after several unsuccessful attempts to offload its assets, it had finally identified a "credible buyer" in Adani Properties Private Limited, which is willing to purchase all 88 properties in a single transaction. The plea also cited complications arising from multiple investigating agencies initiating probes against the family members of the late Subrata Roy and other senior Sahara officials.
The application argued that these parallel investigations are creating confusion and hindering the group's efforts to monetize its assets as per the court's directives. The decision to opt for a bulk sale, rather than a piecemeal approach, was attributed to disruptive actions by certain individuals following the death of its founder, Subrata Roy Sahara, in 2023.
