Sahara Group plans to sell assets to Adani Properties; Seeks Supreme Court approval

New Delhi: Preparations are now underway to sell major assets of Sahara Group companies to Adani Properties Private Limited. The group has filed a petition in the Supreme Court seeking permission for this. The petition is expected to be heard on 14 October. What Is Permission Sought In Petition? The petition, filed by advocate Gautam Awasthi, seeks Supreme Court approval to sell Sahara Group assets to Adani Properties under a September 6, term sheet. Several significant properties, including Aamby Valley in Maharashtra and Sahara City in Lucknow, are included in the deal. The petition states that the Sahara Group, in compliance with court orders, has sold its movable and immovable assets after considerable difficulty, and the proceeds have been deposited in the SEBI-Sahara Refund Account. Proceedings against Sahara Group will continue even after Subrata’s demise: Sebi Chairperson Rs 16,000 Crore Raised Through Asset Sales Sahara Group has raised approximately Rs 16,000 crore of the total principal amount of Rs 24,030 crore by selling assets. This amount has been deposited in the SEBI-Sahara Refund Account. However, SEBI's inability to process the assets and poor market conditions posed challenges. Despite this, the group continued its efforts to sell the assets. Change in Management With the death of Sahara Group Chairman Subrata Roy in November 2023, the group lost its sole governing member. The petition states that Roy's family members were not involved in day-to-day management, but they are striving to protect the interests of investors. The family has decided to sell the assets expeditiously and at the highest possible price to comply with court orders, settle liabilities, and end the contempt proceedings. Adani Group gains Rs 1.7 lakh crore in market value in just two days Inquiries Complicating Property Sale SICCCL stated that inquiries by multiple investigating agencies against Subrata Roy's family members and senior officials have complicated the property sale process. This is creating confusion and ambiguity, impacting investor confidence and reducing the marketability of the properties. Appropriate Action to Prevent Unauthorized Transactions The petition states that since Roy's demise, there is no official decision-maker in the group, some individuals are attempting to deal with the properties without authority. Complaints have been filed in various courts to prevent such unauthorized transactions, and necessary action has been taken.