The Supreme Court on Tuesday sought responses from the Centre and the Securities and Exchange Board of India (SEBI) on a plea filed by Sahara India Commercial Corporation Ltd (SICCL), which is seeking permission to sell its assets, including the 8,810-acre Aamby Valley City in Maharashtra, to Adani Properties Pvt Ltd, to raise funds to refund its investors.
A bench comprising CJI B R Gavai and Justices Surya Kant and M M Sundresh directed that the Finance and Cooperation Ministries be impleaded, following submissions by Solicitor General Tushar Mehta that the Centre may need to examine Sahara’s proposal and provide its perspective. “Please consider impleading the Secretary, Finance, and the Secretary, Cooperative Societies. Because some cooperative societies have invested through their employees, etc.,” Mehta noted.
Senior Advocate Kapil Sibal, a prominent former Congress leader, is representing Sahara in this high-profile case. He argued that earlier attempts to sell the properties piecemeal had failed and the only viable option was to sell them as a single block of 88 properties.
Representing SEBI, Senior Advocate Arvind Datar stated that Sahara could proceed with the sale provided the sale price is not less than 90% of the market value. The court also directed parties, including Sahara employees, to submit their claims to Senior Advocate Shekhar Naphade, appointed as Amicus Curiae in the matter.
Sahara has so far deposited about ₹16,000 crore of the principal ₹24,030 crore in the SEBI-Sahara Refund Account, leaving roughly ₹9,000 crore yet to be paid. Naphade suggested that this amount should be deposited first.
The plea highlighted that multiple agencies investigating Sahara family members and officials had complicated efforts to monetise assets. It also alleged that the decision to sell all properties in one lot was due to unauthorised attempts by certain individuals to alienate Sahara’s valuable assets following the death of founder Subrata Roy in 2023.
Senior Advocate Mukul Rohatgi, appearing for Adani Properties, confirmed that the real estate group is ready to purchase all 88 properties.
The Supreme Court will next hear the matter on November 17, as Sahara attempts to resolve its long-standing obligations to investors who were defrauded through its controversial chitfund schemes.
About Sahara Scam
The “Sahara scam” refers to the allegations of fraud and financial irregularities against the Sahara India Pariwar group, particularly its founder Subrata Roy. The group was accused of running ponzi schemes and failing to refund investors a significant amount of money, which led to a major legal battle, Roy’s arrest, and a prolonged effort by regulatory bodies like the SEBI (Securities and Exchange Board of India) to get the money back to investors.
(Source: Indian Express)
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