The Supreme Court heard a plea from Sahara India Commercial Corporation Ltd (SICCL) seeking approval to sell several of its properties, including Amby Valley in Maharashtra and Sahara Saher in Lucknow, to Adani Properties Private Limited.
The apex court directed the Centre and the Securities and Exchange Board of India (SEBI) to respond to the plea. The bench also asked an amicus curiae to collate details of the 88 properties proposed for sale and categorize them as either “clean” or “disputed,” ensuring transparency and clarity in the transaction.
SICCL’s plea, filed through advocate Gautam Awasthi, seeks the court’s permission to outright sell Sahara Group assets on terms set out in a term sheet dated September 6, 2025. The company stated that of the ₹24,030 crore principal, approximately ₹16,000 crore had already been realised through asset sales and deposited in the SEBI–Sahara Refund Account.
The plea notes that the Sahara Group has been unable to liquidate its remaining assets despite engaging top real estate brokerage firms. Following the death of Sahara Group chief Subrata Roy in November 2023, the group lost its principal decision-maker. The family, however, has committed to expedite asset sales to satisfy court orders, discharge liabilities, and resolve ongoing contempt proceedings.
The proposed sale to Adani Properties includes 88 properties and is described in the plea as a key step toward unlocking asset value while ensuring compliance with financial obligations mandated by the Supreme Court. The plea emphasizes that the sale would be a significant breakthrough, allowing the group to conclude legal and financial matters efficiently.
Earlier in September, the Supreme Court directed the disbursal of ₹5,000 crore from the total deposit held with SEBI to repay depositors of Sahara Group’s cooperative societies, following an earlier order from March 2023.
The Supreme Court will review the responses from the government and SEBI on November 17, 2025, before considering the merits of Sahara’s proposal to sell its properties to the Adani Group.
Background :
The Sahara Group, founded by Subrata Roy in 1978, grew into one of India’s largest conglomerates with interests in real estate, finance, and infrastructure. Over the years, SICCL raised funds through bonds and deposits, which later became subject to regulatory scrutiny by SEBI. A series of legal proceedings ensued after SEBI accused Sahara of irregularities in raising public funds, leading to prolonged litigation and asset freezes.
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