**Sahara Seeks Supreme Court Approval to Sell Properties to Adani**
*By Mudit Dube | Sep 29, 2025, 04:54 PM*
Sahara India Commercial Corporation Limited (SICCL) has approached the Supreme Court seeking approval to sell several key properties, including the well-known Amby Valley in Maharashtra and Sahara Saher in Lucknow. The proposed buyer for these properties is Adani Properties Private Limited. The plea, filed through advocate Gautam Awasthi, has been listed for hearing and is likely to be taken up on October 14.
### Sahara’s Long Journey of Asset Liquidation
The plea details the arduous journey undertaken by SICCL and the Sahara Group to liquidate various movable and immovable assets over time. The proceeds from these asset sales have been deposited into the SEBI-Sahara Refund Account.
According to the petition, “Out of a total principal amount of ₹24,030 crore, the Sahara Group, through sale and liquidation of their assets, has realized approximately ₹16,000 crore.”
### Challenges in Liquidating Assets
The plea also highlights SEBI’s inability to liquidate Sahara assets despite engaging reputed estate brokerage firms for the purpose. It underscores that all deposits made to the SEBI account have been through the Sahara Group’s own efforts via SICCL.
Following the death of Sahara Group chief Subrata Roy in November 2023, the group lost its principal decision-maker, complicating ongoing liquidation processes.
### Roy Family Not Involved in Operations
The Sahara plea clarifies that Subrata Roy’s family members were not involved in the day-to-day business operations or management of the Sahara Group. Nevertheless, to safeguard investor interests, the family has decided to proceed with liquidation of the Group’s assets at maximum value and as quickly as possible.
This move aims to comply with court orders, discharge Sahara Group’s outstanding liabilities, and put an end to ongoing contempt proceedings.
### Proposed Property Sale
The plea requests the Supreme Court’s approval for the sale of 88 properties based on a term sheet dated September 6, between SICCL and Adani Properties. This deal is being hailed as a major breakthrough, expected to unlock significant value from Sahara’s key immovable assets.
Importantly, the transaction is structured to ensure full compliance with financial obligations as mandated by court orders.
### Recent Supreme Court Order
On September 12, the Supreme Court ordered the release of ₹5,000 crore from the ₹24,030 crore deposited by the Sahara Group. These funds will be utilized to repay dues to depositors of the Sahara Group, marking a critical step in resolving the group’s financial commitments.
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The Sahara Group’s efforts to monetize its assets and comply with legal directives underscore its commitment to addressing investor grievances and fulfilling its liabilities. The upcoming Supreme Court hearing is expected to provide clarity on the proposed Adani deal and the future course of Sahara’s asset liquidation process.
https://www.newsbytesapp.com/news/business/sahara-seeks-supreme-court-nod-to-sell-properties-to-adani/story