Adani-Sahara property deal: Supreme Court involves Finance Ministry
The Supreme Court on Tuesday sought the views of the Union Finance and Co-Operation Ministries on scam-hit 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 Apex Court directed Amicus Curiae Shekhar Naphade to analyze 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.
“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 implement the MoF…The application also consists of properties where rights are yet to be crystallized between certain parties. We request the amicus to take the help of an assisting counsel who can collate such information in a chart showing such properties where there are disputed, where rights are crystallized and where there is a shadow of doubt,” said the Bench of Chief Justice of India B R Gavai and Justices Surya Kant and M M Sundresh, after hearing the suggestion of Solicitor General Tushar Mehta.
The SG Mehta said that the Centre may also have to examine and put its thoughts. “Request is to implead secretaries of cooperative societies. We can then present our picture,” said SG. Sahara was represented by Senior Advocate Kapil Sibal. Adani was represented by Senior Advocate Mukul Rohatgi, and SEBI was represented by Senior Advocate Pratap Venugopal.
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 Rs.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 monetization. In another application, Sahara India Real Estate Corporation Ltd (SIRECL) has asked the Supreme Court to oversee the utilization 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.
Both applications emphasize 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 Rs.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 Rs.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 the transfer of Rs.5,000 crore each (a total of Rs.10,000 crore) from the refund account to the Central Registrar of Cooperative Societies for repayment to depositors in Sahara-linked cooperative societies.
The bench also directed the Sahara Group to examine the claim of the workers who have not been paid their salaries for many years. “We will decide on whether the properties are to be sold piecemeal or in one flock,” the CJI said. The bench fixed the plea of the Sahara firm for consideration on November 17.
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