EPFO issues ₹1,567 cr notice to Adani over proposed buyout of Sahara properties

As Sahara contemplates the sale of 88 group properties to Adani for an undisclosed amount, the Employees’ Provident Fund Organisation (EPFO) has issued a notice to Adani seeking recovery of ₹1,567 crores.

The notice, addressed to the “Chairman and MD” of Adani Enterprises, highlights that multiple Sahara group companies have defaulted on PF contributions, with some dues dating back to 1982.

Under the Employees’ Provident Funds and Miscellaneous Provisions Act, any entity acquiring assets of a company

is responsible for clearing its PF dues. Accordingly, the notice states that these dues must either be settled before concluding the acquisition or the buyer must provide an undertaking to pay them post-acquisition.

The EPFO has directed Adani Group to acknowledge the outstanding dues of Sahara Group employees and submit a detailed list of assets and liabilities it intends to acquire, warning that non-compliance may invite legal action.

Meanwhile, the Supreme Court heard pleas from Sahara and Adani regarding the sale of the 88 properties. Multiple parties questioned Sahara’s ownership of the assets, prompting the Court to instruct the Amicus to collate all claims.

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

Adani Properties stated it intends a comprehensive deal covering all 88 properties, despite the competing claims. SEBI clarified that Sahara is free to sell properties at no less than 90% of their market value, while the Amicus insisted that Sahara must first pay ₹9,000 crores to SEBI.

The Supreme Court has directed the Centre and SEBI to respond to Sahara’s proposal and asked Sahara to examine employee claims regarding unpaid salaries.

The next hearing is scheduled for November 11.