Sale of Sahara India assets to Adani: Supreme court seeks Centre's response

The Supreme Court of India on Tuesday sought a response from the Union of India and SEBI on the applications filed by Sahara India seeking to sell its 88 of its properties to Adani Properties Pvt Ltd.

These properties include Amby Valley in Maharashtra and Sahara Seher in Lucknow. An application has also been moved by Adani, in support of Sahara's application, seeking to buy the said properties.

A bench of CJI BR Gavai, Justice Surya Kant and Justice MM Sundresh directed Sahara India to implead the Ministries of Finance and Corporate Affairs in its application. Solicitor General Tushar Mehta, appearing for the Union told the bench that the Sahara-Adani land deal needed to be vetted by the government first.

Court was further told by amicus curiae and senior advocate Shekhar Naphade that Sahara group’s companies – Sahara Housing and Sahara Real Estate – who were directed by the court in 2012 to deposit Rs 25,000 crores in the SEBI-Sahara account, the company was yet to deposit Rs 9,481 crore.

Amicus Naphade told the bench that Sahara should be able to identify the properties where third party interests have been created. to this, Senior Advocate Kapil Sibal, appearing for Sahara, said that there were several properties of which the group was unaware of as these were dealt with by employees, which is why the agreement said 88 and other properties, which meant that other properties would be included as and when they are discovered.

The matter has now been posted for further hearing on November 17, 2025.

The instant application has been filed in the litigation concerning the Sahara–SEBI case, in which the Supreme Court had directed Sahara to refund thousands of crores to investors who had subscribed to Optionally Fully Convertible Debentures (OFCDs). In 2012, the Court ordered Sahara to deposit over ₹24,000 crore with SEBI for repayment to investors.

In 2023, the Supreme Court had allowed an application preferred by the Union of India seeking transfer of Rs. 5,000 Crores out of unutilized amount of Rs. 23,937 Crores, lying in “Sahara-SEBI Refund Account” to be disbursed against the legitimate dues of depositors of Sahara Group of Cooperatives Societies.

"Out of the total amount of Rs. 24,979.67 Crores lying in the “Sahara-SEBI Refund Account”, Rs. 5000 Crores be transferred to the Central Registrar of Cooperative Societies, who, in turn, shall disburse the same against the legitimate dues of the depositors of the Sahara Group of Cooperative Societies, which shall be paid to the genuine depositors in the most transparent manner and on proper identification and on submitting proof of their deposits and proof of their claims and to be deposited in their respective bank accounts directly", court had ordered.

A bench of former Justices MR Shah and CT Ravikumar was informed that the unutilized amount also consisted the amount of the depositors of Sahara Group of Cooperative Societies, and if Rs. 5,000 Crores was transferred to the Central Registrar of Cooperative Societies, the same could be disbursed against the legitimate dues of the depositors of as a just, proper and equitable exercise.

Case Title: SECURITIES AND EXCHANGE BOARD OF INDIA vs. SUBRATA ROY SAHARA AND ORS.

Bench: CJI, Justices Kant and Sundresh

Hearing Date: October 15, 2025

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