Mon Nov 17 06:22:01 UTC 2025: Summary:
The Supreme Court of India has granted Sahara Group four weeks to respond to claims made by an amicus curiae regarding undisclosed claims on 34 properties that Sahara seeks to sell to Adani Properties. The amicus curiae, Senior Advocate Shekhar Naphade, alleged that Sahara India Commercial Corporation Ltd. (SICCL) did not disclose these claims when applying to sell 88 properties to Adani Properties. SEBI has been told to issue a notice in the newspapers about the claims. The court also involved the Ministry of Cooperation in the case. Sahara maintains that the sale is necessary to satisfy investor claims and that they have already deposited a significant amount into the SEBI-Sahara Refund Account through asset liquidation. The sale is seen as a way to unlock value and fulfill financial obligations, especially after the death of Subrata Roy, the sole decision-maker for Sahara.
News Article:
Supreme Court Halts Sahara-Adani Property Deal Amidst Undisclosed Claims
New Delhi, November 17, 2025 – The Supreme Court of India has put the brakes on a proposed deal between Sahara Group and Adani Properties, granting Sahara four weeks to respond to allegations of undisclosed claims on several properties slated for sale.
The issue arose after amicus curiae, Senior Advocate Shekhar Naphade, informed the court that he had received at least 34 claims to properties that Sahara India Commercial Corporation Ltd. (SICCL) intends to sell to Adani Properties Pvt. Ltd. Naphade argued that SICCL failed to disclose these claims when seeking the court’s permission to sell a total of 88 properties, including high-profile assets like Amby Valley in Maharashtra and Shahara Saher in Lucknow.
The court has instructed the Securities and Exchange Board of India (SEBI) to issue public notices inviting objections to the sale of all 88 properties. Recognizing the complexity of the case involving cooperative societies, the Ministry of Cooperation has also been brought into the proceedings.
Representing Sahara, Senior Advocate Kapil Sibal argued for time to respond to the amicus curiae’s claims. SICCL had previously petitioned the court for permission to sell the properties to Adani Properties based on a term sheet dated September 6, 2025, citing difficulties in liquidating assets.
Sahara maintains that the sale is crucial to meeting obligations to investors, highlighting that they have already deposited approximately ₹16,000 crore into the SEBI-Sahara Refund Account through the sale of movable and immovable assets. SICCL argued that their efforts have been the only way that value has been delivered to the refund account for the investors. The company also emphasized that the decision to sell was made in the best interest of stakeholders, including investors, and that the proposed transaction represents a significant step in unlocking value from their assets, particularly following the death of Subrata Roy in November 2023.
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