SC News: Supreme Court Seeks Government, SEBI Reply on Sahara’s ₹12,000-Crore Asset Sale to Adani

SC News: Supreme Court Seeks Government, SEBI Reply on Sahara’s ₹12,000-Crore Asset Sale to Adani

NEW DELHI: Supreme Court on Tuesday sought responses from the Union government, the Securities and Exchange Board of India (SEBI), and other stakeholders on a plea filed by Sahara India Commercial Corporation Ltd.

The Sahara Group has sought permission to sell 88 of its prime properties to Adani Properties Private Limited to clear its financial liabilities.

ALSO READ:- SC News: Supreme Court Allows Green Crackers in Delhi-NCR for Diwali With Strict Time and Sale Limits

The proposed transaction is reportedly worth around ₹12,000 crore, includes major assets such as the 8,810-acre Aamby Valley City near Lonavala and Sahara City in Lucknow. The deal, signed on September 6, 2025, requires the Supreme Court’s approval before it can move forward.

A bench led by Chief Justice B.R. Gavai, along with Justices Surya Kant and M.M. Sundresh, directed Sahara to include the Union ministries of finance and corporate affairs in the case and to examine the claims of its workers before the next hearing on November 17. The bench also asked all parties to submit their claims to the court-appointed amicus curiae, senior advocate Shekhar Naphade.

“The Centre also may have to examine and put its thoughts. Request is to implead secretaries of cooperative societies. We can then present our picture,” the bench observed during the hearing.

Senior advocate Kapil Sibal, appearing for Sahara, told the court that the group intends to deposit the entire sale proceeds towards its outstanding liabilities. Solicitor General Tushar Mehta, representing the Centre, said the proposal appeared reasonable but required detailed examination.

Appearing for Adani Properties, senior advocate Mukul Rohatgi said Adani was ready to acquire all 88 properties in one go, even with existing claims, to avoid prolonged litigation. He added that a thorough examination of the assets was necessary before final approval.

Meanwhile, SEBI’s counsel Arvind Datar and P. Venugopal said Sahara could proceed with the sale provided the transaction price was not less than 90% of the market value, as per the Supreme Court’s earlier directions. They clarified that SEBI’s formal approval would not be needed as long as the court supervised the process and Sahara cleared the remaining ₹9,481 crore owed to the SEBI-Sahara account.

The Sahara Group has maintained that the asset sale is crucial to “discharge its financial obligations towards investors” as directed by the apex court. The case traces back to August 31, 2012, when the Supreme Court ordered two Sahara firms to refund ₹24,029 crore raised from 3.3 crore investors through optionally fully convertible debentures, with 15% annual interest from March 2008. So far, Sahara has deposited over ₹16,000 crore with SEBI, and refunds have been made to investors who approached the regulator.

The Supreme Court will take up the matter again on November 17, 2025, where the Union Government’s stand and the amicus curiae’s assessment will likely determine the next steps in one of India’s most high-profile corporate asset sale cases.