Adani moves Supreme Court to back Sahara plea for buying 88 properties

Adani Properties has moved an application in the Supreme Court as the “proposed buyer” to support Sahara’s plea for the sale of 88 of its properties. The company is seeking to be heard alongside Sahara as it makes its case for acquiring these assets.

Adani mentioned its application today before a bench headed by Chief Justice of India Justice B R Gavai.

In September, Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHICL) had approached the apex court, seeking permission to sell 88 properties in Aamby Valley to Adani Properties for an undisclosed sum.

The Sahara plea confirmed Adani’s interest and stated that a term sheet had been finalised. The term sheet, along with the proposed amount for the properties, will be submitted to the court in a sealed cover.

Notably, the plea is not confined to the 88 properties listed. Sahara is seeking the court’s nod to sell additional assets as well, stating that the approval should apply to properties “including but not limited to” those mentioned.

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Sahara has also sought exemptions from any regulatory or criminal investigations by the State Police, Enforcement Directorate, Serious Fraud Investigation Office, Income Tax Department, or any other central or state authority. It has further requested that no other court or tribunal hear cases related to these properties.

Additionally, Sahara has asked the Supreme Court to vacate any attachment, restraint, or injunction orders issued by any High Court, SEBI, the ED, or tax authorities. The group has also sought protection from investigations or probes concerning any funds received by the company, its promoters, their families, or employees.

The Supreme Court will hear Sahara’s petition on October 14.Read about our editorial guidelines and ethics policy