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The saga of the Sahara Group, once a sprawling empire built on the ambitions of its founder Subrata Roy, has taken a dramatic turn toward resolution. With Roy's passing in November 2023, the conglomerate, long mired in legal battles over investor funds, now stands at a crossroads.
Sahara India Commercial Corporation Ltd (SICCL) has filed an application with the Supreme Court seeking permission to sell 88 of its properties, including the iconic Amby Valley City in Maharashtra and Sahara Saher in Lucknow, to Adani Properties Private Limited.
This move is part of a strategic effort by the Sahara Group to expedite the liquidation of its assets and fulfill its financial obligations towards investors, as mandated by the Supreme Court. The court has scheduled a hearing for October 14, 2025, to consider the application.
The Sahara Group has faced prolonged legal and financial challenges over the years, primarily concerning the refund of over Rs. 24,000 crore collected from investors. To date, the group has managed to deposit approximately Rs. 16,000 crore into the SEBI-Sahara Refund Account through the sale of various movable and immovable assets.
At the heart of this development lies a decade-long controversy that began with allegations of illicit fundraising. In 2012, the Securities and Exchange Board of India (SEBI) ordered Sahara to refund billions raised through optionally fully convertible debentures, deeming the scheme unauthorized.
The Supreme Court intervened, directing the group to deposit Rs 24,030 crore into a refund account. To date, Sahara has managed to muster approximately Rs 16,000 crore by selling movable and immovable assets, a feat achieved amid economic headwinds and regulatory scrutiny.
The plea highlights SEBI's own struggles in monetizing these properties, despite enlisting top real estate brokers. "The deposits in the SEBI-Sahara Refund Account have been achieved solely through the efforts of SICCL and the Sahara Group," the application asserts, painting a picture of internal resilience against external inefficiencies.
Subrata Roy's death marked a pivotal shift. Known as "Saharasri" to his followers, Roy was the architect of an empire that spanned real estate, finance, media, and hospitality. His demise left a vacuum; family members, uninvolved in daily operations, now prioritize safeguarding investor interests over perpetuating the business.
The plea admits, "The family members desire to safeguard the interest of the investors... [and] put a close to the present contempt proceedings." This sentiment reflects a broader strategy to expedite asset sales, maximizing value in a market still recovering from global uncertainties. The proposed deal with Adani Properties, part of the Adani Group's vast infrastructure portfolio, is touted as a "significant breakthrough." It promises to unlock substantial liquidity, enabling Sahara to bridge the gap to the full Rs 24,030 crore obligation.
Yet, the path to this juncture has been fraught with obstacles. Earlier attempts to divest assets faltered due to sluggish market conditions, scant buyer interest, and a web of litigations. Investigations by agencies like the Enforcement Directorate and Income Tax Department added layers of complexity, creating "conflicting narratives" that deterred potential investors.
Post-Roy, unauthorized dealings surfaced, individuals wielding outdated board resolutions tried to transact with Sahara's properties, prompting complaints to authorities. These incidents underscore the vulnerabilities of a leaderless conglomerate, where legacy assets risk erosion without swift action.
The Supreme Court's role remains central. On September 12, 2025, the bench ordered the release of Rs 5,000 crore from the refund account to Sahara Group of Cooperative Societies' depositors, echoing a similar directive from March 2023. This disbursal, aimed at alleviating depositor distress, signals judicial impatience with prolonged delays. The current plea, filed as an interlocutory application in ongoing matters, argues that the Adani sale aligns with court directives. By consolidating sales under one buyer, it avoids piecemeal auctions that might undervalue assets.
Adani Properties, with its track record in real estate and urban development, emerges as a fitting suitor. The group's ambitions which is evident in projects like Mumbai's Dharavi redevelopment could breathe new life into Amby Valley, a 10,000-acre haven once envisioned as India's premier luxury destination.
Critics, however, question the timing and transparency. Sahara's history of regulatory evasion raises eyebrows: Roy spent time in Tihar Jail for contempt, and the group faced accusations of obfuscating fund trails. Will this sale truly benefit the estimated three crore depositors, many from modest backgrounds who invested in Sahara's schemes? The plea assures stakeholder interests, emphasizing expeditious liquidation to meet claims. Yet, in India's corporate landscape, such deals often invite scrutiny over valuations and potential cronyism, especially involving titans like Adani.
Broader implications ripple through the economy. Sahara's downfall exemplifies the perils of unregulated financial innovation in a nation hungry for growth. It also highlights SEBI's challenges in enforcing refunds, where bureaucratic inertia meets corporate ingenuity. If approved, this transaction could set precedents for distressed asset resolutions, encouraging conglomerates to seek judicial sanction for bulk sales. For Adani, it bolsters a portfolio already dominant in ports, energy, and now real estate, potentially reshaping urban skylines.
