Sahara seeks SC’s nod, exemption from probe to sell 88 properties to Adani

Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHICL) have moved the top court of the country to sell 88 properties in Amby Valley to Adani Properties for an undisclosed consideration.

The plea in SC confirmed interest by Adani Properties and submitted that a term sheet has been finalised.

The term sheet, with the proposed amount for the 88 properties, will be submitted to the court in a sealed cover.

Interestingly, the plea in SC does not confine itself to

only the 88 properties listed in the application. Sahara is seeking the Supreme Court’s nod to sell not just the 88 properties, but others as well, to Adani.

Sahara’s plea wants the court’s approval for properties “including but not limited” to the 88 mentioned.

Sahara has also sought that the properties under sale be exempt from any regulatory or criminal inquiries by the State Police, ED, SFIO, IT, or any other central or state authority. Sahara wants that no other court or tribunal hear cases concerning these assets.

Sahara has further asked for an SC order to vacate any attachment, restraint, or injunction order against any of the properties, passed by any HC, SEBI, ED, or tax authorities.

Sahara is also seeking exemption from any investigation or probe in case any money is received by the company, its promoters and their families, and the company’s employees.

The Supreme Court will hear Sahara’s petition on October 14.

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