Supreme Court allows Centre more time to respond on Sahara's plea to sell properties

The Supreme Court today allowed the Central government some more time to respond to applications filed by Sahara India seeking to sell its 88 of its properties to Adani Properties Pvt Ltd. Last month, the court had asked for a response from the Centre.

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.

Solicitor General Tushar Mehta requested a bench of Chief Justice of India BR Gavai, Justice Surya Kant and Justice MM Sundresh to grant him four weeks. As the CJI smiled over this request, possibly over his retirement next week, he allowed the request.

Amicus and Senior Advocate Shekhar Naphade informed the bench today that he was receiving claims over many properties which the Sahara group had not disclosed.

Last month, a bench of CJI BR Gavai, Justice Surya Kant and Justice MM Sundresh had 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 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.

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

Bench: CJI Gavai, Justices Kant and Sundresh

Hearing Date: November 17, 2025