SC Seeks Centre & SEBI Response on Sahara-Adani Property Sale

Supreme Court Seeks Centre and SEBI’s Response on Sahara’s Plea to Sell 88 Properties to Adani Group

Sahara India Offers to Sell Aamby Valley and Sahara Shahar to Repay Investors

Court Directs Union Ministries and SEBI to Examine Proposal; Adani Properties Submits Term Sheet

By Our Legal Reporter

New Delhi: October 15, 2025:

The Supreme Court of India has asked the Union Government and the Securities and Exchange Board of India (SEBI) to respond to a plea filed by Sahara India Commercial Corporation Ltd (SICCL) seeking permission to sell 88 properties to Adani Properties Pvt Ltd. The move is aimed at raising funds to repay millions of small investors whose money has been stuck in Sahara’s controversial schemes for years.

The case was heard by a special bench led by Chief Justice of India B.R. Gavai, along with Justice Surya Kant and Justice M.M. Sundresh.

What Sahara Proposed

Sahara India, once a financial giant, has been under pressure to return thousands of crores collected from investors through debenture schemes that were later declared illegal.

Sahara has now proposed to sell 88 prime properties, including:
- Aamby Valley City in Maharashtra, a luxury township project.
- Sahara Shahar in Lucknow, Uttar Pradesh.
The buyer would be Adani Properties Pvt Ltd, part of the Adani Group.
A term sheet signed between Sahara and Adani was submitted to the Court in a sealed cover.

Senior Advocate Kapil Sibal, appearing for Sahara, argued that the sale would generate enough funds to repay investors and resolve long-pending disputes.

Supreme Court’s Directions

The Court did not immediately approve the sale but directed Sahara to:

Implead the Ministry of Finance and Ministry of Corporate Affairs in its application.
Allow the Union Government and SEBI to examine the proposal and file their responses.
Ensure that all stakeholders with claims over the properties submit their objections before the Court-appointed amicus curiae, Senior Advocate Siddharth Luthra.

The Court has given time until November 17, 2025, for responses to be filed.

Government’s Stand

Solicitor General Tushar Mehta, appearing for the Centre, said the proposal “appears to be a good suggestion” but stressed that it must be carefully examined.

The government will review whether the sale is in the best interest of investors.
It will also check if there are legal or financial hurdles in transferring such large assets.
The Finance Secretary and Corporate Affairs Secretary have been asked to study the matter.

SEBI’s Role

SEBI has been at the centre of the Sahara dispute since 2012, when the Supreme Court ordered Sahara to refund over ₹24,000 crore to investors.

SEBI set up a Sahara Refund Account to return money to depositors.
However, only a fraction of investors came forward, and large sums remain unclaimed.
SEBI will now have to assess whether the proposed sale to Adani can help in speedy repayment.

Adani Group’s Position

Adani Properties Pvt Ltd has filed an application supporting Sahara’s plea.

The company has expressed interest in acquiring the 88 properties.
It has signed a term sheet with Sahara, details of which are confidential at this stage.
If approved, this would mark one of the largest real estate acquisitions in recent years.

Why This Case Matters

The Sahara case is one of the biggest financial disputes in India’s history.

Millions of small investors deposited money in Sahara’s schemes, hoping for high returns.
In 2012, the Supreme Court ruled that Sahara had raised funds illegally and ordered refunds.
Sahara’s founder, Subrata Roy, was even jailed for non-compliance.
Despite several attempts, refunds have been slow, and investor money remains stuck.

The proposed sale to Adani could finally unlock funds and bring relief to investors.

Legal Experts React

Legal commentators say the Court’s cautious approach is justified.

Supporters argue that selling assets to a financially strong group like Adani could ensure repayment.
Critics warn that the process must be transparent, as Sahara’s assets are tied up in multiple disputes.
Experts also note that the Court will have to ensure that creditors, banks, and investors are all treated fairly.

Investor Concerns

For investors, the key question is whether the sale will lead to refunds.

Many investors have been waiting for over a decade.
Some fear that legal challenges could delay the process further.
Others are hopeful that the Adani deal could finally bring closure.

The Road Ahead

The Supreme Court will next hear the matter in November 2025 after receiving responses from the Union Government, SEBI, and other stakeholders.

Possible outcomes include:

Approval of the sale with conditions to ensure investor repayment.
Rejection of the proposal if legal or financial issues are found.
Modification of the deal, with the Court setting guidelines for asset transfer.

Whatever the outcome, the case will have a major impact on investor confidence, corporate acquisitions, and regulatory oversight in India.

Conclusion

The Supreme Court’s decision to seek responses from the Union Government and SEBI on Sahara’s plea to sell assets to Adani Properties marks a crucial step in resolving one of India’s longest-running financial disputes.

If approved, the deal could unlock billions of rupees for repayment to investors and bring closure to the Sahara saga. But with multiple stakeholders involved and legal complexities at play, the road ahead remains uncertain.

For now, all eyes are on the next hearing, which could determine the fate of Sahara’s assets and the future of millions of investors.