The Supreme Court on Tuesday sought responses from the Union government, the Securities and Exchange Board of India (SEBI), and other stakeholders on a plea filed by Sahara India Commercial Corporation Ltd (SICCL) seeking permission to sell 88 of its prime properties to Adani Properties Private Limited.
A special bench led by Chief Justice B.R. Gavai and comprising Justices Surya Kant and M.M. Sundresh was hearing an interlocutory application moved by SICCL in the long-pending Sahara refund matter.
Taking note of submissions made by Solicitor General Tushar Mehta, the bench directed that the Ministries of Finance and Cooperation be impleaded as parties to the proceedings. Both ministries have been asked to file their responses by November 17.
The bench also sought assistance from amicus curiae and senior advocate Shekhar Naphade, directing him to compile details of the 88 properties proposed to be sold. Naphade has been asked to categorise the properties based on their legal status, indicating which are clean, disputed, or where rights are not yet crystallised.
“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,” the bench observed.
The bench directed the Centre, SEBI, and other stakeholders to respond to Sahara’s application. It also asked Sahara to examine and address claims of unpaid workers, noting that many employees had not received salaries for years.
“We will decide on whether the properties are to be sold piecemeal or in one flock,” the Chief Justice remarked during the hearing.
SICCL has been seeking the Supreme Court’s permission to liquidate several assets to meet its financial obligations, including refunds owed to investors. Earlier, the company had sought to sell marquee properties like Amby Valley in Maharashtra and Sahara Shahar in Lucknow to Adani Properties Private Limited.
The matter will now be taken up on November 17, when the court will consider the responses and decide on the future course of action regarding the proposed sale.
