Sahara wants to sell 88 properties to Adani, SC seeks govt response

NEW DEKHIl In what could be one of the biggest real estate deals in India, Sahara India Commercial Corporation on Tuesday informed Supreme Court that it intends to sell its 88 properties to Adani Properties Ltd for an amount which insiders say is pegged at more than Rs 1 lakh crore, reports Dhananjay Mahapatra.Appearing for Sahara group, senior advocate Kapil Sibal told a bench of CJI B R Gavai, and Justices Surya Kant and M M Sundresh that the two business entities have signed a term sheet and placed it in a sealed cover. He said the deal would be proceeded with once SC approves, and the money received from it would be far in excess of the dues of Sahara group.Adani group intends to buy Sahara properties en bloc: Rohatgi to SC In support of the deal, senior advocate Mukul Rohatgi said Adani group intends to buy the properties en bloc and that the deal would be carried forward once the SC gives it a nod.

He told the SC that the term sheet was filed in the sealed cover and that he was not aware of the money being offered by Adani group for acquiring the 88 properties of Sahara group spread across India.However, persons aware of the term sheet said the deal is much more than Rs 1 lakh crore though they refused to specify the amount agreed between Sahara and Adani.Amicus curiae and senior advocate Shekhar Naphade said the Sahara group’s two companies – Sahara Housing and Sahara Real Estate – were directed by the SC in 2012 to deposit Rs 25,000-odd crore in the SEBI-Sahara account, of which the company is yet to deposit Rs 9,481 crore.

Solicitor general Tushar Mehta told the court that the govt had undertaken the exercise to refund the money of investors from the Sebi-Sahara account and that the Sahara-Adani land deal needs to be vetted by the govt. His request for making Union ministries of finance and cooperation parties to the proceeding was accepted by the SC.The bench sought responses of the two newly impleaded ministries, Sebi and amicus curiae to the Sahara-Adani deal within three weeks. SC also sought Naphade’s assistance in tabulating the properties and their statuses. Amicus said that Sahara should be able to identify the properties where third party interests have been created. Sibal said that there are several properties of which the group was unaware of as these were dealt with by employees that is why the agreement says 88 and other properties, which would mean that other properties as and when these are discovered.Supreme Court said after receiving the responses from the Centre, Sebi and amicus, it will decide whether the properties are to be sold en masse or piecemeal. It posted further hearing on Nov 17.