Supreme Court Seeks Response on Sahara's Proposed Rs 12,000 Crore Property Sale to Adani

The Supreme Court has requested responses from the Centre, SEBI, and other stakeholders regarding Sahara India Commercial Corporation's proposal to sell 88 prime properties to Adani Properties Private Limited. This development marks a significant step in Sahara's efforts to settle its outstanding liabilities.

Key Points of the Proposal

• Sahara aims to deposit approximately Rs 12,000.00 crore from the sale proceeds towards its outstanding liabilities.
• The company still owes Rs 9,481.00 crore out of a required Rs 25,000.00 crore deposit to the SEBI-Sahara refund account.
• Sahara has already paid Rs 16,000.00 crore so far.

Court's Directives

The Supreme Court has taken several steps to ensure a thorough examination of the proposal:

1. Directed the Finance and Cooperation ministries to be made parties to the proceedings.
2. Appointed an amicus curiae to examine the 88 properties, focusing on their legal status and any existing claims or agreements.
3. Set November 17 as the deadline for responses from all parties involved.

Property Details

The properties under consideration include high-profile assets such as:

• Amby Valley in Maharashtra
• Sahara Saher in Lucknow

Adani's Stance

Adani Properties has expressed readiness to acquire all 88 properties in a single transaction, even with existing claims on some properties.

Additional Considerations

The court will also address:

• Unpaid employee salaries
• Whether properties should be sold individually or as a package

This case highlights the complex interplay between corporate finances, legal obligations, and potential market-moving transactions. As the situation unfolds, it will be crucial to monitor the responses from various stakeholders and the Supreme Court's final decision on this significant property sale proposal.