The Sahara India Commercial Corporation Ltd (SICCL) has formally petitioned the Supreme Court, requesting approval to sell a range of its properties, most notably the prestigious Amby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Private Limited.
This significant plea was recently brought to the court’s attention and is anticipated to be heard on October 14.
Previously, the Supreme Court had asked the Sahara Group to furnish a detailed list of its top officials and properties available for sale.
Through advocate Gautam Awasthi, SICCL’s application details its intention to ‘outright sell various properties belonging to the Sahara Group to Adani Properties Private Limited,’ specifying the consideration and conditions outlined in a term sheet dated September 6, 2025.
This interlocutory application, part of ongoing legal proceedings concerning the Sahara Group, highlights that despite significant challenges, SICCL and the Sahara Group have, with prior court approvals, managed to liquidate some movable and immovable assets. The proceeds from these sales were duly deposited into the SEBI – Sahara Refund Account.
The application states that from a total principal amount of ₹24,030 crore, the Sahara Group has successfully realized approximately ₹16,000 crore through asset sales and liquidations, which has been deposited into the SEBI – Sahara Refund Account.
SICCL pointed out SEBI’s repeated failures to liquidate Sahara Group assets, even after employing reputable estate brokerage firms. The company emphasized that all funds currently in the SEBI – Sahara Refund Account were deposited solely due to the strenuous efforts of the applicant and the Sahara Group.
The SICCL further explained that following the passing of Sahara Group chief Subrata Roy in November 2023, the organization lost its central decision-maker, who had previously guided all major operations.
While Subrata Roy’s family members were not involved in the daily business and management, they are now committed to safeguarding investor interests. To that end, the Sahara Group has resolved to liquidate its assets as quickly as possible and at the highest possible value, aiming to comply with court orders, clear liabilities, and resolve current contempt proceedings.
This decision, according to SICCL, was made to benefit all stakeholders, especially the investors, ensuring their claims are fully met and they receive the maximum possible value.
However, previous attempts at asset liquidation were unsuccessful, attributed to unfavorable market conditions, a lack of viable offers, and ongoing legal disputes that collectively diminished buyer confidence and hampered property marketability.
Further complications arose from multiple investigating agencies initiating inquiries against the late Subrata Roy’s family and other senior Sahara Group officials.
The plea argues that these parallel and uncoordinated investigations are not only confusing investors and creating conflicting narratives but are also actively hindering Sahara Group’s attempts to monetize its assets and adhere to court directives.
After Roy’s death, with no clear decision-making body in place, some individuals allegedly tried to manage the group’s immovable assets using outdated board resolutions, acting without proper authorization.
To safeguard the group’s assets and prevent unauthorized transactions, appropriate legal actions, including complaints across various jurisdictions, were initiated against these individuals.
It’s also relevant that the Enforcement Directorate (ED) previously attached 707 acres of land worth ₹1,460 crore in connection with the Sahara India case.
The group is seeking court approval for the transactions outlined in the September 6 term sheet between SICCL and Adani Properties Private Limited, which covers the sale of 88 specified properties. Sahara views this proposed deal as a significant breakthrough, crucial for unlocking substantial value from its core immovable assets and fulfilling its financial obligations as per court orders.
It’s worth noting that on September 12, the Supreme Court had already authorized the release of ₹5,000 crore from the over ₹24,030 crore deposited by the Sahara Group with SEBI, specifically for repaying depositors of the Sahara Group of Cooperative Societies.
This recent order aligns with a previous one from March 29, 2023, where a similar request from the Centre for allocating ₹5,000 crore for Sahara Group Cooperative Societies’ depositors was granted.