Supreme Court seeks Finance Ministry views on Sahara plea to sell 88 properties to Adani

The Supreme Court has directed that the Union Ministries of Finance and Co-operation be impleaded as parties to Sahara Group’s plea seeking approval to sell 88 of its properties to Adani Properties and for protection from ongoing regulatory and investigative proceedings against it..The Court directed Amicus Curiae Shekhar Naphade to analyse the claims and tabulate them to clarify which properties are under dispute and which are not. The case will now come up for hearing on November 17.A Bench of Chief Justice of India BR Gavai and Justices Surya Kant and MM Sundresh said, "SG says it will be appropriate that before considering the prayers made in the application, the Union must be heard. We direct the applicant to implead the MoF…The application also consists properties where rights are yet to be crystallised between certain parties. We request the amicus to take help of an assisting counsel who can collate such information in a chart showing such properties where there are disputed, where rights are crystallised and where there is a shadow of doubt.".The order was passed on the suggestion of Solicitor General Tushar Mehta, who said, "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.".According to two applications filed through Advocate Gautam Awasthi, Sahara India Commercial Corporation Limited (SICCL) has sought permission to sell 88 immovable properties across India under a term sheet dated September 6, 2025. The proposed sale covers Aamby Valley City in Maharashtra, Hotel Sahara Star in Mumbai, Sahara Shaher and Sahara Ganj in Lucknow, as well as large tracts of land in several states.The proceeds, Sahara said, would be deposited in the SEBI–Sahara Refund Account established under the Supreme Court’s earlier directions for repayment of investors in Sahara’s optionally fully convertible debentures (OFCDs). The group claimed it had independently deposited ₹16,000 crore into the account, asserting that SEBI had failed to liquidate assets despite prior attempts.Following the death of founder Subrata Roy in November 2023, the group said it has been left without a central leadership figure, while multiple investigations by the Enforcement Directorate, Serious Fraud Investigation Office, state police and other authorities continue to impede asset monetisation.SICCL has, therefore, requested the Court to approve the transaction, lift existing attachment orders and constitute an oversight committee chaired by a retired Supreme Court judge to monitor the sale, address objections or rival bids and supervise repayment to investors and creditors. It has further urged that no parallel proceedings or coercive actions be allowed while the committee’s process is underway..In a parallel application, Sahara India Real Estate Corporation Ltd (SIRECL) has asked the Supreme Court to oversee utilisation of the proceeds from the Adani transaction. While the sale would generate significant funds, the company said Sahara would be left without operational businesses to meet ongoing obligations — including dues owed to investors, employees, tax authorities and operational creditors.SIRECL has sought directions empowering the proposed committee to crystallise and settle all such liabilities — including unpaid salaries, gratuity, provident fund dues, statutory taxes and other claims — from the sale proceeds. It also asked for a stay on existing and future investigations by enforcement agencies, arguing that continued prosecutions would frustrate the goal of investor repayment.Both applications emphasise the need for the Court to exercise its extraordinary powers under Article 142 of the Constitution to resolve all competing claims and facilitate the earliest possible settlement of investor dues..The dispute stems from Sahara’s issue of OFCDs amounting to a principal of ₹24,030 crore, which the Securities and Exchange Board of India (SEBI) held to be illegal. In 2012, the Supreme Court directed Sahara to refund the amounts with interest. While Sahara claims to have deposited around ₹16,000 crore, SEBI said it has so far repaid only a fraction to investors.Separately, in March 2023 and again in September 2025, the Court ordered transfer of ₹5,000 crore each (a total of ₹10,000 crore) from the refund account to the Central Registrar of Cooperative Societies for repayment to depositors in Sahara-linked cooperative societies..Sahara was represented by Senior Advocate Kapil Sibal..Adani was represented by Senior Advocate Mukul Rohatgi..SEBI was represented by Senior Advocate Pratap Venugopal..Follow Bar and Bench channel on WhatsAppDownload the Bar and Bench Mobile app for instant access to the latest legal news.