Why Adani Properties has moved the Supreme Court
What's the story
Adani Properties has filed an application in the Supreme Court as a "proposed buyer" to support Sahara's request for selling 88 of its properties. The company wants to be heard along with Sahara while it argues for the sale of these assets. The application was mentioned today before a bench led by Chief Justice of India (CJI) B R Gavai.
Court proceedings
In September, Sahara sought permission to sell properties
Last month, Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHICL) had moved the Supreme Court. They requested permission to sell 88 properties in Aamby Valley to Adani Properties for an undisclosed amount. The plea confirmed Adani's interest in the deal and said that a term sheet had been finalized.
Asset expansion
Plea also seeks approval to sell other assets
Sahara's plea isn't just about the 88 listed properties. The group is also seeking court approval to sell other assets, saying the permission should cover properties "including but not limited to" those mentioned. This move comes as part of Sahara's efforts to manage its asset portfolio and address financial matters.
Legal protection
Sahara seeks exemptions from regulatory investigations
Sahara has also sought exemptions from any regulatory or criminal investigations by state police, Enforcement Directorate (ED), Serious Fraud Investigation Office (SFIO), Income Tax Department, or other central/state authorities. The group has sought that no other court/tribunal hears cases related to these properties. These requests are part of Sahara's efforts to manage its assets during the sale process and address legal matters.
Orders
Other requests made by Sahara
Sahara has also requested the Supreme Court's intervention to vacate any attachment, restraint, or injunction orders passed by any High Court, SEBI, ED, or tax authorities. The group has sought protection from investigations/probes into any money received by the company, its promoters/family members/employees.