SC postpones hearing on Sahara's sale of properties to Adani
What's the story
The Supreme Court of India has deferred the hearing on Sahara Group's plea seeking permission to sell its properties to the Adani Group. The court has given a six-week extension and asked the central government to respond to a note submitted by amicus curiae Shekhar Naphade in this matter. The bench, led by Chief Justice BR Gavai, included the Ministry of Cooperation after Solicitor General Tushar Mehta said many cooperative societies were formed by Sahara Group which could be impacted.
Objections raised
Amicus curiae raises objections over Sahara's property sale
Naphade submitted a note to the court highlighting several objections regarding the properties that Sahara Group intends to sell. He specifically mentioned 34 properties where he has filed objections. Senior advocate Kapil Sibal, representing the Sahara Group, said he would like to respond to Naphade's note and stressed that many properties were sold or leased out using forged documents.
Court's response
Supreme Court's stance on sale or lease documents
The Supreme Court bench clarified that it isn't the right platform to examine sale or lease documents. It suggested that these deeds could be examined by a trial court or a committee set up for this purpose. CJI Gavai said, "Let the Union of India file its response and then we will look into those issues," while posting the matter for further hearing after six weeks.
Case history
Background of Sahara's plea to sell properties
On October 14, the Supreme Court had sought responses from the Center, Securities and Exchange Board of India (SEBI), and other stakeholders on Sahara India Commercial Corporation Ltd's plea. The company is seeking permission to sell its 88 prime properties to Adani Properties Private Limited. This case has drawn much attention due to its implications for both Sahara Group and Adani Group.