Sahara–Adani Deal Hearing: Supreme Court Seeks Centre and SEBI’s Views

Background: The Long Sahara Refund Saga

Sahara India has approached the Supreme Court seeking approval to sell 88 major properties, including the iconic Aamby Valley City near Lonavala (≈8,810 acres), to Adani Properties Pvt. Ltd.
The ₹ 24,000 crore sale proposal, filed on 6 September 2025, aims to clear long-pending investor refunds through the SEBI–Sahara Refund Account.

The case is tangled in overlapping legal restrictions — the Enforcement Directorate’s 707-acre attachment, municipal sealing of Sahara Shaher in Lucknow, and Supreme Court-imposed refund conditions. The apex court may need to invoke Article 142 to lift these barriers and allow a clean transfer of title.

If cleared, this would mark one of India’s largest judicially supervised real-estate transactions, potentially reviving stalled luxury projects like Aamby Valley and setting a precedent for investor-driven asset recoveries. The hearing of this case was scheduled on October 15, 2025.

Read the full in-depth report here https://community.verified.realestate/article/adani-sahara-deal-aamby-valley-sale-faces-legal-hurdles-as-lucknow-civic-body-seals-sahara-assets/

⚖️ Hearing Summary (Held on October 15 2025)

Bench: Chief Justice B. R. Gavai, Justices Surya Kant and M. M. Sundresh

Case: Sahara India Commercial Corporation Ltd vs. SEBI & Ors

Issue: Sahara sought Supreme Court approval to sell 88 properties, including Aamby Valley, Hotel Sahara Star, and Sahara Shaher, to Adani Properties Private Ltd, to raise money for repaying investors.

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🧾 What the Court Actually Ordered

1. Centre and SEBI were asked to respond to Sahara’s proposal.
   • The Court directed Sahara to formally implead the Ministry of Finance and Ministry of Corporate Affairs as parties to the case.
   • This means the government will now have to review and state its position on the proposed Adani deal.
2. Solicitor General Tushar Mehta (for the Centre) said the government must examine the proposal because many cooperative societies had invested in Sahara entities, and those interests must be protected.
3. *Amicus Curiae Shekhar Naphade was instructed to:
   • Prepare a detailed chart identifying which assets are disputed, clear, or unclear in ownership.
   • Coordinate with SEBI, the Union Government, and Sahara to review workers’ claims and investor dues.
4. Next Hearing: The Supreme Court scheduled the matter for November 17 2025.
   • On that date, the Court is expected to decide whether to grant approval for the Adani takeover.

* Amicus Curiae is not a party to the case, but someone the court appoints or allows to assist by offering expert insight, legal perspective, or impartial analysis on complicated issues.
The person is usually a senior advocate, legal scholar, or independent expert with no direct stake in the outcome.

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💼 Adani Group’s Stand

• Senior Advocate Mukul Rohatgi, appearing for Adani Properties, stated the company is willing to buy all 88 properties together, even if some are under dispute, to avoid fragmented litigation.
• The group submitted a term sheet dated 6 September 2025, confirming its commitment.

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💰 Use of Sale Proceeds

• Sahara said all proceeds from the sale would be deposited into the SEBI–Sahara Refund Account — the same account used to repay investors of Sahara’s optionally fully convertible debentures (OFCDs).

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🕰️ Context — Why This Sale Matters

• In 2012, the Supreme Court ordered Sahara to refund over ₹24,000 crore raised through OFCDs, with 15% interest.
• Sahara claims to have paid around ₹16,000 crore so far; SEBI says ₹9,000 crore still remains unpaid.
• The Court has allowed Sahara in the past to sell or jointly develop assets to generate funds — e.g., the Versova land case in 2024 (which fell through after environmental issues were found).

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🔍 Bottom Line

• No sale approval yet. The Supreme Court hasn’t cleared the Adani takeover.
• Centre + SEBI responses pending. They must file their views before November 17.
• Aamby Valley remains under Sahara ownership until further orders.
• The October 15 hearing was procedural — setting up government involvement and fact-finding before any green light is given.