SC Seeks Replies on Sahara-Adani Property Deal

New Delhi, Oct 14 (PTI) The Supreme Court on Tuesday sought the response of the Centre, the Securities and Exchange Board of India (SEBI) and other stakeholders on a plea of Sahara India Commercial Corporation Ltd seeking permission to sell its 88 prime properties to Adani Properties Private Limited.


A special bench comprising Chief Justice B R Gavai and Justices Surya Kant and M M Sundresh heard the interlocutory application (IA) of Sahara India Commercial Corporation Ltd (SICCL) in the long-pending matters relating to the Sahara Group's refund obligations.

Taking note of the submissions of Solicitor General Tushar Mehta, the bench ordered that Union ministries of Finance and Cooperation be made parties to the present proceedings, and sought their response to the plea by November 17.

It asked amicus curiae and senior advocate Shekhar Naphade to collate details of the 88 properties proposed to be sold by the Sahara firm to Adani group company.

The bench asked the amicus to also take note of the responses of other stakeholders with regard to these properties and give details about their nature, including whether the properties are clean or disputed.

“The IA (interim application) filed by Sahara India Commercial Corporation Ltd (SICCL). The Solicitor General says it will be appropriate that before considering the prayers made in the application, the Union must be heard.

"We direct the applicant to implead the Ministry of Finance and Ministry of Cooperation… The application also consists of properties where rights are yet to be crystallised between certain parties…,” the bench ordered.

“Before we consider the application, it will be appropriate that the parties who claim to have rights in any of the properties listed in the application may submit to the amicus curiae.

"We request the amicus to take help of an assisting counsel who can collate such information in a chart showing such properties where there are disputes …, where rights are crystallised, and where there is a shadow of doubt,” it said.

The bench asked the Centre, amicus curiae and the SEBI to respond to the prayers made in the application by the Sahara firm.

The bench also directed the Sahara group to examine the claim of the workers who have not been paid their salaries for many years.

“We will decide on whether the properties are to be sold piecemeal or in one flock,” the CJI said.

The bench fixed the plea of the Sahara firm for consideration on November 17.

Earlier, SICCL had moved the top court seeking its permission to sell various properties, including Amby Valley in Maharashtra and Shahara Saher in Lucknow, to Adani Properties Private Limited.