The Supreme Court on Tuesday sought responses from the Centre, the Securities and Exchange Board of India (SEBI), and other stakeholders on a plea by Sahara India Commercial Corporation Ltd (SICCL) seeking permission to sell 88 prime properties to Adani Properties Private Limited, news agency PTI reported.
A special bench comprising Chief Justice BR Gavai and Justices Surya Kant and MM Sundresh heard the interlocutory application (IA) filed by SICCL in connection with the long-pending Sahara Group refund cases. The plea is part of ongoing legal proceedings related to the Sahara Group’s obligations to refund investors, which have been under judicial scrutiny for years.
Taking note of submissions by Solicitor General Tushar Mehta, the bench directed that the Union finance and cooperation ministries be impleaded as parties to the case, PTI reported. The bench also sought their response to the plea by November 17.
The court asked amicus curiae and senior advocate Shekhar Naphade to collate detailed information on the 88 properties proposed to be sold to the Adani Group. The amicus has been instructed to consider responses from all stakeholders regarding these properties and provide clarity on their nature, including whether they are clear, disputed, or involve unresolved rights.
“The IA 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,” the bench noted.
The Supreme Court further directed that parties claiming rights over any of the listed properties submit relevant details to the amicus curiae, PTI reported.
Assistance may be sought to prepare a comprehensive chart categorising the properties as disputed, rights crystallised, or doubtful, the apex court directed.
The court also asked the Centre, SEBI, and the amicus to respond to Sahara’s pleas. In addition, the Sahara Group has been directed to examine pending claims of workers who have not received salaries for several years.
“We will decide whether the properties are to be sold piecemeal or in one lot,” the Chief Justice said.
The plea has been listed for consideration on November 17. Earlier, SICCL had approached the Supreme Court seeking approval to sell various properties, including Amby Valley in Maharashtra and Sahara Saher in Lucknow, to Adani Properties Private Limited.
(With PTI inputs)