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Sahara Group seeks SC nod to sell its assets to Adani Properties, raise money to refund investors
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The Indian Express
THE SAHARA Group firm — Sahara India Commercial Corporation Ltd (SICCL) — has sought the Supreme Court’s nod to sell its assets, including the sprawling 8,810 acres Aamby Valley City in Maharashtra, to Adani Properties Private Limited to raise money to refund its investors.
Story continues below this adIt said that after multiple unsuccessful attempts to sell its assets, the Group finally found a “credible buyer” — Adani Properties Private Limited — to purchase all the properties together.
The application also gave a list of over 87 assets which the group wishes to sell to Adani Properties.
This includes 106 acres of land in Andheri in Maharashtra, 170 acres Sahara Shaher in Lucknow, Hotel Sahara Star in Mumbai besides land parcels in Haryana, West Bengal and Bhubaneswar among others.
The plea said the efforts to sell the properties were also complicated, with multiple investigating agencies initiating inquiries against the family members of late Subrata Roy and other senior officials of the Sahara Group.