**Sahara Seeks Supreme Court Approval to Sell Properties to Adani**
*By Mudit Dube | Sep 29, 2025, 04:54 PM*
Sahara India Commercial Corporation Limited (SICCL) has approached the Supreme Court seeking approval to sell several key properties, including Amby Valley in Maharashtra and Sahara Saher in Lucknow. The proposed buyer is Adani Properties Private Limited. The plea, filed through advocate Gautam Awasthi, was recently listed for hearing and is likely to be taken up on October 14.
**Asset Liquidation: Sahara’s Long Journey**
The plea details the arduous journey of SICCL and the Sahara Group in liquidating certain movable and immovable assets over time. According to the filing, the proceeds from these sales have been deposited in the SEBI-Sahara Refund Account.
Out of a total principal amount of ₹24,030 crore, the Sahara Group has realized approximately ₹16,000 crore through the sale and liquidation of its assets.
**Challenges in Liquidation**
The plea highlights the Securities and Exchange Board of India’s (SEBI) failure to liquidate Sahara’s assets despite engaging reputed estate brokerage firms for the task. It emphasizes that all deposits in the SEBI account were a result of efforts by SICCL and the Sahara Group itself.
After the passing of Sahara Group chief Subrata Roy in November 2023, the group lost its principal decision-maker, further complicating the liquidation process.
**Decision to Liquidate: Protecting Investors’ Interests**
The plea clarifies that Roy’s family members have not been involved in the day-to-day operations and management of the Sahara Group. Nevertheless, to protect investors’ interests, they have decided to liquidate the group’s assets at maximum value and as swiftly as possible.
This process aims to comply with court orders, discharge Sahara Group’s liabilities, and bring an end to ongoing contempt proceedings.
**Proposed Property Sale: Unlocking Significant Value**
The plea seeks the Supreme Court’s approval to sell 88 properties as per a term sheet dated September 6 between SICCL and Adani Properties. This deal is seen as a major breakthrough, unlocking significant value from Sahara’s key immovable assets while ensuring full compliance with financial obligations under court orders.
Earlier, on September 12, the Supreme Court had ordered the release of ₹5,000 crore from the over ₹24,030 crore deposited by the Sahara Group. This amount is intended to repay dues to depositors of the Sahara Group.
The upcoming court hearing on October 14 will be pivotal in determining the future course of Sahara Group’s asset liquidation and financial resolution.
https://www.newsbytesapp.com/news/business/sahara-seeks-supreme-court-nod-to-sell-properties-to-adani/story
