New Delhi, Nov 17 (UNI) The Central Government on Monday sought additional time to respond to applications filed by Sahara India Commercial Corporation Ltd., which has sought the Supreme Court’s permission to sell 88 properties, including the prominent Amby Valley project in Maharashtra and Sahara Seher in Lucknow, to Adani Properties Pvt. Ltd.
A Bench comprising Chief Justice of India B.R. Gavai, and Justices Surya Kant and M.M. Sundresh granted four weeks after Solicitor General Tushar Mehta requested more time to file a detailed response.
The matters have now been posted for hearing after six weeks.
The Court also adjourned applications filed by Sahara employees seeking the release of their pending salaries from group companies.
Senior Advocate Kapil Sibal appeared on behalf of Sahara.
The Solicitor General additionally urged that the Ministry of Cooperation be impleaded in the case, stating that multiple cooperative societies are affected.
Senior Advocate Shekhar Naphade, serving as amicus curiae, informed the Court that he has been receiving claims over several properties allegedly not disclosed by Sahara.
He suggested that Sahara be directed to publish complete details of its assets on an official website, but the Court did not issue any directions on this request oN Monday.
During a previous hearing, the Court had sought responses from the union Government and SEBI regarding Sahara’s request for approval to sell the assets.
The Court had also directed that parties claiming rights over the properties file their claims to the amicus.
The court directed that the amicus shall prepare a classification chart identifying disputed properties, properties free of claims, and properties with unclear ownership.
The court directed Sahara to examine the pending wage claims of its workers.
Sahara submitted that SEBI has not been able to auction the attached properties despite repeated attempts.
Its ability to manage and dispose of assets has weakened after the demise of its founder, Subrata Roy.
Many properties are under multiple restraint orders, requiring the Court’s permission to proceed with the sale.
A term sheet has been executed with Adani Properties for the sale of 88 properties, subject to Court approval.
The proceeds would be used to meet outstanding liabilities.
The litigation stems from the long-running Sahara- SEBI case, in which Sahara entities were directed in 2012 to deposit over Rs 24,000 crore for refund to investors who subscribed to Optionally Fully Convertible Debentures (OFCDs).
While Sahara claims to have deposited substantial sums, SEBI maintains that over Rs 9,000 crore is still outstanding.
On September 12, the Supreme Court permitted the disbursement of Rs 5,000 crore from the SEBI- Sahara account to eligible depositors
The next hearing is expected to clarify the legal and financial framework governing the proposed sale of Sahara’s assets.
Lakhs of investors, employees, and cooperative members are linked to the Sahara Group.
