Sahara seeks apex court nod to sell properties
India, Oct. 2 -- The Sahara India group has approached the Supreme Court seeking permission to sell 88 properties in Amby Valley, Maharashtra, including the iconic Aamby Valley City, along with the Sahara Shahar property in Lucknow, to Adani Properties Private Limited.
The application, filed earlier this week through advocate Gaurav Awasthi, does not disclose the sale amount. It has been listed for an urgent hearing and is expected to come up before the top court on October 14.
Sahara said the proceeds from the sale would be used to fulfil its investor refund obligations.
The Supreme Court has been overseeing the repayment process for investors who lost money in Sahara's schemes, deemed unlawful by the Securities and Exchange Board of India (SEBI).
While Sahara has already deposited around Rs 16,000 crore into the SEBI-Sahara Refund Account through liquidation of other assets, additional funds are required to meet obligations exceeding Rs 24,000 crore.
Sahara also highlighted difficulties in finding buyers for its assets through estate brokerage companies, underlining the need for the proposed sale to Adani Properties to expedite the repayment process....
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