SC seeks Centre, SEBI's response on Sahara's plea to sell properties to Adani company

New Delhi: The Supreme Court on Tuesday sought a response from the Union government, and Securities and Exchange Board of India to the Sahara Group's plea seeking permission to sell 88 properties, including the 8,810-acre Aamby Valley City project near Lonavala in Maharashtra and the Sahara City in Lucknow, to Adani Properties.

A three-judge bench led by Chief Justice of India B R Gavai directed the Sahara Group to implead the central government in its case, and asked parties to submit their claims to the court appointed amicus curiae and senior counsel Shekhar Naphade regarding the properties sought to be sold.

The bench, also comprising Justice Surya Kant and Justice M M Sundresh asked the amicus to take help of an assisting counsel who can collate such information in a chart showing properties which are disputed, where rights are crystallised and where there is a shadow of doubt.

The court also asked the Centre to examine the matter and put its thoughts.

Sahara has been also asked to examine the claims of its workers on the next date of hearing on November 17.

Senior counsel Kapil Sibal, appearing for Sahara India, informed the court that the company has proposed a comprehensive plan under which the sale proceeds of around Rs 12,000 crore from the properties would be deposited towards its outstanding liabilities.

Solicitor General Tushar Mehta said that the Sahara’s proposal appeared reasonable but required consideration by the government.

The Sahara Group sought permission to sell its 88 properties, which largely are land parcels all across the country, so to “discharge its financial obligations towards its investors” and fulfil its “monetary obligations” as directed by the top court.

An application was filed in this respect by Sahara India Commercial Corp (SICC) through counsel Gautam Awasthi.

Sahara companies signed a deal with Adani on September 6.

Senior counsel Mukul Rohatgi, on behalf of Adani Properties, supported Sibal, saying the company was ready to acquire all 88 properties in one go, even with existing claims, to avoid further litigation.

A detailed examination of the properties was required before any approval could be granted to avoid endless litigation, he said.

SEBI's counsel senior advocates Arvind Datar and P Venugopal argued that Sahara India could sell its properties, but the sale price should not be less than 90 per cent of the market value as decided by the apex court earlier.

They said that SEBI's approval was not required as long as the transaction remained under the apex court's supervision and the Sahara companies cleared its deficit of Rs 9,481 crore towards the SEBI-Sahara account.

Venugopal also said that SEBI has refunded all the investors and the remaining amount should be given to the government.

The Supreme Court on August 31, 2012, had asked two Sahara firms to refund more than Rs 24,029 crore collected from 33 million bond investors, with an interest of 15 per cent from March 2008. So far, these firms have paid little over than Rs 16,000 crore.

On September 12, the top court had directed that Rs 5,000 crore from the SEBI-Sahara Refund Account be returned to cooperative society investors. A similar order was passed on March 29, 2023.