Gautam Adani comes to the rescue of Sahara Group:Late Subrata Roy owned conglomerate to sell properties, pay off dues with money raised

Sahara India Commercial Corporation Limited (SICCL) has sought permission from the Supreme Court to sell 88 properties including Aamby Valley in Maharashtra and Sahara City in Lucknow to the Adani Group. The company’s request may be heard on October 14. Sahara Group signed an agreement with Adani Properties on September 6 to sell 88 properties, which requires court approval. SICCL stated that this deal will not only fetch good value for their properties but also help in paying dues as per court orders. Previously also, Sahara has raised about ₹16,000 crore by selling various movable and immovable properties, which have been deposited in Sebi’s Sahara Refund Account. The company’s investors and other people will receive their dues from this account. Sahara is selling its property so that… Orders to return ₹5,000 crore to cooperative society investors On September 12, the Supreme Court ordered to return ₹5,000 crore from the ₹24,030 crore deposited by Sahara Group with Sebi to the investors of Sahara Group’s cooperative society. The court had given the same order earlier on March 29, 2023 as well. Sahara raised over ₹24,000 crore by selling bonds The biggest case against the Sahara India Group is related to its two companies, SIRECL and SHICL. The company collected over ₹24,000 crore from small investors by selling Optionally Fully Convertible Debentures (OFCDs) without Sebi’s approval. It was alleged that this was a public issue, but Sahara broke the rules by calling it a private placement. The market regulator ordered Sahara to stop selling bonds and return the investors’ money. Sahara challenged this in court, but in 2012, the Supreme Court ordered Sahara to return the money with 15% interest within 3 months. When Sahara was unable to do so, it was asked to return the money in three installments. Sahara India deposited the first installment of ₹5,120 crore, but did not deposit the second and third installments. Sahara claimed that it had already returned the money to 90% of the investors.