Sahara seeks Supreme Court approval to sell properties to Adani
What's the story
Sahara India Commercial Corporation Limited (SICCL) has approached the Supreme Court for approval to sell several key properties, including Amby Valley in Maharashtra and Sahara Saher in Lucknow. The proposed buyer is Adani Properties Private Limited. The plea, filed through advocate Gautam Awasthi, was recently listed for hearing and is likely to be taken up on October 14.
Asset liquidation
Sahara's long journey of liquidating assets
The plea details SICCL and Sahara Group's arduous journey of liquidating certain movable and immovable assets over time. The proceeds from these sales have been deposited in the SEBI-Sahara Refund Account. "Out of a total principal amount of ₹24,030 crore, the Sahara Group, by way of sale/liquidation of their movable and immovable assets have realized an amount of approximately ₹16,000 crore," it said.
Liquidation hurdles
SEBI failed to liquidate Sahara assets
The plea also highlights SEBI's failure to liquidate Sahara assets even after engaging reputed estate brokerage firms. It emphasizes that the deposits in the SEBI account were only made through SICCL and Sahara Group's efforts. After Sahara Group chief Subrata Roy's death in November 2023, the group lost its principal decision-maker.
Asset liquidation decision
Roy's family not involved in operations
The plea states that Roy's family members weren't involved in day-to-day business operations and management of the Sahara Group. However, to protect investors' interests, they have decided to liquidate the group's assets at maximum value and as quickly as possible. This is aimed at meeting court orders, discharging Sahara Group's liabilities, and ending ongoing contempt proceedings. Earlier attempts to sell assets were stalled by poor market conditions, lack of viable offers, pending litigations, and investigations by various agencies.
Property sale
Deal to unlock significant value from key immovable assets
The plea seeks court approval for the sale of 88 properties as per a term sheet dated September 6 between SICCL and Adani Properties. The deal is touted as a major breakthrough, unlocking significant value from Sahara's key immovable assets while ensuring compliance with financial obligations under court orders. On September 12, the Supreme Court had ordered ₹5,000 crore to be released from over ₹24,030 crore deposited by the Sahara Group to repay dues to depositors of the Sahara Group.