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Adani Properties Pvt. Ltd., the real estate division of the Adani Group, has entered into an agreement to purchase a consolidated portfolio of high-value assets from the beleaguered Sahara Group, marking one of India's largest transfers of disputed real estate. The deal, valued at thousands of crores, bundles Sahara's "crown jewels" into a single package, avoiding piecemeal sales that have previously faltered amid legal and market hurdles, as reported by India Today.
The transaction originates from a decade-long legal battle before the Supreme Court, where the Securities and Exchange Board of India (Sebi) has pursued action against Sahara entities for failing to refund investor deposits. The court had directed Sahara to repay a principal amount of approximately Rs 24,030 crores. Through asset liquidations, Sahara has deposited around Rs 16,000 crores into the Sebi-Sahara Refund Account, but the outstanding obligations persist.
The passing of Subrata Roy, Sahara's founder and sole decision-maker, in November 2023, proved pivotal. Although his family was not engaged in operations, the group resolved to expedite asset sales to maximize value, settle liabilities, protect investors, and conclude the contempt proceedings in the Supreme Court.
Documents accessed by India Today reveal that earlier efforts to divest properties failed due to adverse market conditions, a dearth of credible buyers, and overlapping lawsuits that eroded confidence. Sebi's attempts to liquidate assets, despite engaging specialized brokers and consultants, yielded no results. Compounding these issues, probes by various agencies hampered Sahara's disposal capabilities, while unauthorized parties tried to transact with group holdings, prompting police complaints to secure land parcels.
Faced with these obstacles, Sahara's management determined that individual property sales would drag on for years. Instead, they opted for a bulk transfer of substantially all remaining assets to a single buyer—the Adani Group—to ensure swift realization of maximum value.
Sources indicate that the deal's financial specifics remain confidential and will be disclosed solely to the Supreme Court in a sealed envelope, underscoring the transaction's sensitivity. Under the terms, Adani would commit to depositing the full agreed amount into the Sebi-Sahara Refund Account or a court-designated repository.
The portfolio includes over 88 properties spanning premium land and buildings nationwide. Key assets encompass Aamby Valley City in Maharashtra, a sprawling 8,810-acre township; Hotel Sahara Star, a prominent hospitality property near Mumbai's airport; Sahara Shaher and other holdings in Lucknow; developments in Noida, Gurugram, and Mumbai; and parcels across Rajasthan, Gujarat, West Bengal, Jharkhand, Madhya Pradesh, Karnataka, Uttarakhand, and Uttar Pradesh. Payment will be structured as a lump sum for the entire bundle, rather than per-asset valuations.
In a recent application to the Supreme Court, Sahara invoked Article 142 of the Constitution, seeking the court's extraordinary powers to deliver "complete justice." The plea primarily requests approval for the sale to Adani Properties under a Term Sheet dated September 2025. However, it extends to broader protections.
A significant demand is for the court to shield all acquired properties from existing or future regulatory, criminal, or investigative actions by entities such as state police, the Enforcement Directorate (ED), Serious Fraud Investigation Office (SFIO), and Income Tax Department, including probes related to black money or benami transactions. Sahara contends this immunity is essential for the deal's commercial feasibility from Adani's perspective.
Additionally, the application urges that all claims or liabilities tied to the properties—whether from third parties, government bodies, or Sahara itself—be routed exclusively to the Supreme Court, barring interference by other courts, tribunals, or authorities.
Sahara further seeks the immediate revocation of all attachment orders, restraints, prohibitions, and injunctions imposed by Sebi, high courts, ED, tax authorities, and others. This would facilitate seamless execution of sale deeds and Adani's physical possession of the assets.
To oversee the transaction and manage funds, Sahara proposes a Supreme Court-appointed high-level committee, chaired by a retired Supreme Court judge. This body would supervise the sale's implementation, address objections or rival bids, and handle the adjudication and settlement of remaining liabilities. These include refunds to residual investors and depositors, employee salaries, statutory dues, taxes, and obligations to operational creditors.
The plea emphasizes granting the committee sole jurisdiction, prohibiting parallel civil, criminal, quasi-judicial, or investigative proceedings that could disrupt its work. It also calls for the outright quashing of all ongoing criminal investigations or trials against Sahara, its promoters, directors, or employees concerning past deposits or investments. Any valid civil or tax claims would instead be resolved by the committee, with its rulings deemed final and binding.
Sahara describes this consolidated sale as its optimal strategy to extract peak value from assets expeditiously, fulfilling the core objective of investor repayments. The application is slated for hearing on October 14, when the Term Sheet, inclusive of financial terms, will be submitted in a sealed cover.
If approved, the Sahara-Adani deal could signify a watershed in India's corporate landscape, concluding a contentious saga that has entangled regulators, courts, and the group for years. For Adani, it promises a substantial boost to its real estate and hospitality portfolio, leveraging Sahara's expansive holdings to fuel expansion amid India's booming property market. Analysts note that while the transaction addresses Sahara's liabilities, it underscores the complexities of resolving legacy disputes in a regulated environment, potentially setting precedents for future asset resolutions under judicial oversight.
