Adani Sahara Property Acquisition: Sahara Group has sought permission from the Supreme Court to sell 88 valuable properties to Adani Group, which has many big projects like Ambi Valley and ‘Sahara City’ in Lucknow.

While hearing this petition on Tuesday, the Supreme Court sent a notice to the Central Government and market regulator SEBI asking them to respond on this. If everything goes well, it will be one of the biggest real estate deals in the country. According to sources, the value of the 88 properties which are said to be sold is estimated to be more than Rs 1 lakh crore.

Term sheet in sealed envelope

Senior advocate Kapil Sibal, appearing for Sahara Group, told the bench of Chief Justice BR Gavai, Justice Surya Kant and Justice MM Sundaresh that both the business entities have signed a term sheet and kept it in a sealed envelope. He said that this deal will be taken forward as soon as it gets the approval of the Supreme Court and the amount received from it will be much more than the dues of Sahara Group.

Supporting this deal, senior advocate Mukul Rohatgi said that Adani Group will buy these properties of Sahara in one go. Approval is being awaited from the Supreme Court, after which further talks on the deal will move forward. He told the Supreme Court that the term sheet has been given in a sealed envelope. It is still not clear how much amount is being offered by Adani Group for the purchase of 88 properties of Sahara Group.

Process of returning money to investors started

The bench has appointed senior advocate Shekhar Naphade as amicus curiae. He has been given the responsibility of preparing a list of 88 properties of Sahara Group to be sold. A list of which of these properties are dispute free will also have to be made so that if there is any legal or third party claim on any of them, it comes forward.

Solicitor General Tushar Mehta told the court that the government has started the process of returning investors’ money from the SEBI-Sahara account. Shekhar Nafde said that two Sahara group companies – Sahara Housing and Sahara Real Estate – were directed by the Supreme Court in 2012 to deposit about Rs 25,000 crore in the SEBI-Sahara account, out of which the company has not yet deposited Rs 9,481 crore. The next hearing of the case will be held again on November 17, when the court will decide whether to approve the proposed sale to Adani Properties or not.

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Sahara Group: Is your money trapped in Sahara Group, so it is news of your work. A decision of the Supreme Court can provide relief to Sahara investors. According to Livelaw report, the Supreme Court on Friday ordered to release Rs 5,000 crore from the amount deposited with the market regulator SEBI to pay the dues of the depositors of Sahara Group cooperative societies.

Deadline to release payment

A bench of Justice Suryakant and Justice Joymalya Bagchi, after hearing the arguments of Solicitor General Tushar Mehta, approved the Central Government’s application, which was requested to pay the depositors with the amount deposited in the Sebi-Sahara refund fund. Also, the deadline for issuing payment to investors has been extended by 31 December 2026.

Under this, the amount issued under both the order and latest instructions of March 2023 will be covered. With this decision of the Supreme Court, the investors will get some extent relief from distributing Rs 5000 crore out of Rs 24 thousand crore deposited in SEBI. However, SEBI’s lawyer sought time to postpone the order by Monday, but the court refused.

How much money is there in Sahara-Sibi refund account?

While giving its verdict, the bench cited the order of March 2023, in which a coordination bench also directed to release Rs 5,000 crore in a similar way. The bench had said that Rs 24,979.67 crore is lying in ‘Sahara-Sibi Refund Account’. The total estimated amount in Sahara-Sibi refund account is Rs 25,000 crore. Even before some money has been refunded. Since the process is very slow, the money of millions of depositors is stuck.
This new order to release Rs 5,000 crore is especially for depositors of cooperative societies, whose claims will be settled through the Central Registrar of Cooperative Societies. The Supreme Court has clearly stated that the amount will be paid based on the report submitted on the basis of the report of the Central Registrar. A roadmap will also be prepared for this repayment process.

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