Sahara Seeks SC Approval to Sell Properties to Adani

Sahara Seeks Supreme Court Nod to Sell Properties to Adani; Asks for Protection from Authorities

Group tells apex court sale will help repay investors in SEBI-Sahara case

Adani Group emerges as buyer for key Sahara assets, but legal hurdles remain

By Our Legal Reporter

New Delhi: October 10, 2025:

The long-running Sahara India case has taken a new turn. The Sahara Group, once one of India’s biggest business empires, has approached the Supreme Court of India seeking permission to sell several of its properties to the Adani Group. Sahara says the sale proceeds will be used to repay investors in the SEBI-Sahara refund account, which has been at the heart of a decade-long legal battle.

At the same time, Sahara has asked the Court for protection from coercive action by authorities, arguing that multiple agencies are targeting its assets and obstructing its efforts to raise funds for repayment.

Background: The SEBI-Sahara Dispute

In 2012, the Supreme Court ordered Sahara to refund over ₹24,000 crore to investors who had put money into its optionally fully convertible debentures (OFCDs).
The Court directed Sahara to deposit the money with the Securities and Exchange Board of India (SEBI), which was tasked with verifying and refunding genuine investors.
Sahara has so far deposited around ₹25,000 crore, but SEBI has refunded only a small fraction (less than ₹150 crore) because most investors could not be traced.
The balance remains in the SEBI-Sahara account, earning interest, while Sahara insists it has already repaid many investors directly.

This dispute has dragged on for more than a decade, with Sahara’s founder Subrata Roy (who passed away in November 2023) often at the canter of the controversy.

Sahara’s Latest Move

In its fresh application before the Supreme Court, Sahara has proposed:

Selling properties to the Adani Group, one of India’s largest conglomerates.
Using the sale proceeds to clear outstanding liabilities in the SEBI-Sahara account.
Seeking judicial protection so that no parallel action by enforcement agencies or state authorities derails the transaction.

Sahara argues that only the Supreme Court can provide a clear framework for asset sales, given the multiple litigations pending across different forums.

Adani Group’s Role

The Adani Group, led by billionaire Gautam Adani, has reportedly shown interest in buying some of Sahara’s prime assets. These include:

Real estate holdings in metro cities.
Hospitality and commercial properties.
Land parcels with high market value.

For Adani, the acquisition could strengthen its real estate and infrastructure portfolio, while for Sahara, it represents a lifeline to raise funds and settle dues.

However, the deal cannot go through without the Supreme Court’s approval, since Sahara’s assets are under judicial supervision in the SEBI case.

Why Sahara Wants Protection

Sahara has told the Court that:

Its assets are being targeted by multiple agencies, including state governments and enforcement bodies.
Some properties are under attachment orders, making it difficult to finalize sales.
Without protection, even genuine buyers like Adani may hesitate to proceed, fearing legal complications.

The group has therefore requested the Supreme Court to issue a protective order ensuring that no coercive steps are taken against its assets while the sale process is underway.

Supreme Court’s Response So Far

The Supreme Court has agreed to hear Sahara’s plea and has issued notices to SEBI and other stakeholders. The Court is expected to:

Examine whether Sahara’s proposal to sell assets to Adani is transparent and fair.
Ensure that sale proceeds are deposited directly into the SEBI-Sahara account.
Consider whether granting protection to Sahara is necessary to facilitate the transaction.

The matter is likely to come up for detailed hearing in the coming weeks.

Investor Concerns

For thousands of small investors who put money into Sahara schemes, the case has been a long wait for justice. Many have:

Filed petitions demanding faster refunds.
Expressed frustration that despite thousands of crores lying with SEBI, only a handful of claims have been settled.
Welcomed the possibility of asset sales, hoping it will speed up the refund process.

However, legal experts caution that unless SEBI verifies claims, refunds cannot be processed, regardless of how much money Sahara deposits.

Legal and Policy Implications

This case raises important questions:

Judicial Oversight of Corporate Asset Sales: Should the Supreme Court directly supervise such transactions, or should they be left to regulators?
Investor Protection vs. Business Survival: How can the system ensure that investors are repaid without destroying the value of a business group?
Role of Big Buyers like Adani: Will allowing large conglomerates to buy distressed assets set a precedent for future cases?

Wider Impact

For Sahara: The sale could be its last chance to resolve the SEBI dispute and protect its remaining businesses.
For Adani: A successful deal would expand its real estate footprint and add valuable assets.
For Investors: The hope is that refunds will finally accelerate after years of delay.
For Regulators: The case will test SEBI’s ability to manage large-scale investor protection schemes.

Conclusion

The Sahara-Adani deal, if approved, could mark a turning point in one of India’s longest-running corporate legal battles. For Sahara, it is about survival and legacy. For Adani, it is about expansion. For investors, it is about long-delayed justice.

The Supreme Court’s decision will determine whether this ambitious plan goes ahead—and whether it finally brings closure to the SEBI-Sahara saga that has stretched on for more than a decade.

Perfect — here’s a clear timeline of the SEBI–Sahara case (2012–2025) to complement the article we just built. This will help readers quickly understand how the dispute unfolded and why the latest Sahara–Adani proposal is so significant.

Timeline of the SEBI–Sahara Case (2012–2025)

📌 2012 – Supreme Court Orders Refund

The Supreme Court directs Sahara India Real Estate Corp. and Sahara Housing Investment Corp. to refund over ₹24,000 crore raised through optionally fully convertible debentures (OFCDs).
The Court asks Sahara to deposit the money with SEBI, which will verify and refund genuine investors.

📌 2013–2014 – Non-Compliance and Jail for Subrata Roy

Sahara fails to fully comply with the refund order.
In March 2014, Sahara chief Subrata Roy is sent to Tihar Jail for contempt of court.
He spends nearly two years in custody, securing interim bail only after partial payments and pledges of assets.

📌 2015–2017 – Asset Sales and Partial Payments

Sahara begins selling hotels and overseas properties to raise funds.
Deposits made into the SEBI–Sahara account cross ₹10,000 crore.
SEBI struggles to identify investors; only a small fraction of claims are verified.

📌 2018–2020 – Mounting Pressure

The Supreme Court repeatedly warns Sahara to clear dues.
Sahara claims it has already repaid many investors directly, but SEBI disputes this.
The SEBI–Sahara account grows with interest, but refunds remain minimal.

📌 2021–2022 – Investor Frustration

Reports show that despite ₹25,000 crore lying with SEBI, only about ₹150 crore has been refunded.
Investor groups demand faster disbursal and accuse both Sahara and SEBI of delays.

📌 November 2023 – Subrata Roy Passes Away

Sahara’s founder Subrata Roy dies at age 75.
His death raises questions about the group’s future and repayment plans.

📌 2024 – Sahara Seeks Asset Sales

Sahara proposes selling more properties to raise funds.
Multiple state authorities and enforcement agencies attach Sahara assets, complicating sales.

📌 October 2025 – Sahara–Adani Proposal

Sahara approaches the Supreme Court seeking approval to sell properties to the Adani Group.
The group asks for protection from coercive action by authorities so that the deal can go through.
The Supreme Court issues notices to SEBI and other stakeholders, reserving its decision on whether to allow the sale.

Why This Timeline Matters

It shows how a 2012 Supreme Court order has stretched into a 13-year saga.
Despite thousands of crores deposited, investors are still waiting for refunds.
The Adani deal could be the first major breakthrough in years, if approved.