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New Delhi: The Supreme Court on Tuesday directed the Centre and the Securities and Exchange Board of India (SEBI) to respond to a petition by Sahara India Commercial Corporation Ltd (SICCL).
The SICCL, in its plea, seeks permission to sell its assets nationwide to Adani Properties Private Limited, allowing it to raise funds to refund its investors.
A Supreme Court bench comprising CJI B R Gavai and Justices Surya Kant and M M Sundresh also directed that Ministries of Finance and Corporate Affairs be made parties in the matter. Earlier, Solicitor General Tushar Mehta proposed that the Centre issue a statement on Sahara’s proposal.
He said, “This appears to be a good suggestion, subject to various factors. However, the Central government may also need to examine and present its thoughts to the court. Please consider impleading the Secretary, Finance, and the Secretary, Cooperative Societies. There is a cooperation department now. Because some cooperative societies have invested through their employees, etc. So, we can also present our picture."
The parties will have to submit their claims to Senior Advocate Shekhar Naphade, the Amicus Curiae in this matter. Sibal, representing Sahara, stated that the properties must be sold as a single lot, while senior Advocate Arvind Datar, on behalf of Sebi, said that Sahara could sell if the sale price is 90 per cent or more of the market value. Also, he suggested that Sahara should pay about Rs 9,000 crore first, which it owes to the Sebi-Sahara joint fund for repaying investors.
There is a lawsuit against the Sahara Group in the Supreme Court, as investors are demanding returns. So far, the group has deposited just around Rs 16,000 crore in the Sebi-Sahara Refund Account. Meanwhile, the principal amount is Rs 24,030 crore.
Sahara has tried to sell its assets several times but failed. Now, with Adani Properties Private Limited coming up as a credible buyer, it is seeing a ray of hope. While it aims to sell the properties in one go, it also stated that efforts to sell have been hampered by several investigating agencies probing late Subrata Roy's family members and other senior officials of the Sahara Group.
The application said, "The said parallel and uncoordinated actions are not only creating confusion, conflicting narratives, and unwarranted doubt in the mind of investors/ depositors but are also effectively hampering, and are likely to hamper further, the ongoing efforts of the Sahara Group to monetise its assets and comply with the directions of this court."
