Sahara to sell properties in Maharashtra and Lucknow to Adani Group: Seeks Supreme Court permission; Group to refund ₹24,030 crore to investors
Sahara India Commercial Corporation Limited (SICCL) has sought permission from the Supreme Court to sell 88 of its properties, including Aamby Valley in Maharashtra and Sahara City in Lucknow, to Adani Group. A hearing on the company’s request is expected on October 14.
On September 6, Sahara Group signed an agreement with Adani Properties to sell 88 properties, which is pending court approval. SICCL stated that this deal will not only generate a good price for its properties but also help it pay its dues as per court orders.
Previously, Sahara has raised approximately ₹16,000 crore by selling several movable and immovable properties, which has been deposited in SEBI’s Sahara Refund Account. The company’s investors and others will receive their dues from here.
Sahara is selling its properties to…
Refund investors’ money: Sahara Group owes investors ₹24,030 crore, which will be paid using the proceeds from the sale of the group’s properties. The proceeds from the sale are being deposited into the SEBI Sahara Refund Account.
Compliance with court orders: The Supreme Court has directed Sahara to settle its liabilities. Paying the outstanding dues using the proceeds from the sale of properties could end the contempt proceedings against the company.
Reducing financial pressure: Selling assets is necessary to improve Sahara Group’s financial position and repay its outstanding dues. ₹16,000 crore has been raised so far, and more assets are being sold to cover the remaining amount.
Facing market difficulties: Poor market conditions, lawsuits, and actions by investigative agencies were making it difficult to sell properties. The deal with Adani Properties has provided Sahara with an opportunity for a good price and a speedy transaction.
Decisions after Subhrata Roy’s death: Following the death of Subhrata Roy, the group’s owner, in November 2023, there was no one left to make final decisions within the group. The family decided to sell assets quickly and at the highest possible price in the interest of investors to complete the group’s essential operations and transactions.
