desk
Share
News Topical, Digital Desk : The Supreme Court will hear on Monday interim petitions seeking payment of pending salaries to employees of Sahara Group companies. According to the apex court's cause list, a bench headed by Chief Justice B.R. Gavai will hear the matter.
The apex court had on October 14 sought response from the Centre, Sebi and other stakeholders on a plea by Sahara India Commercial Corporation Limited (SICCL) seeking permission to sell 88 prime properties to Aditya Properties Pvt Ltd. The SICCL plea is listed for hearing on November 17.
On Friday, lawyers urged the Chief Justice to list the interim petitions of the employees on Monday as they have not received salaries for several months.
Order making the Ministries of Finance and Cooperation parties
Earlier, a bench of Justices Surya Kant and M.M. Sundresh heard SICCL's interim application (IA) in the pending case related to Sahara Group's refund obligations. Taking note of Solicitor General Tushar Mehta's submission, the bench ordered the Finance and Cooperation ministries to be impleaded as parties and sought their response to the petition by November 17.
The bench directed senior advocate Shekhar Naphade, the amicus curiae, to compile details of the 88 properties to be sold to the Aditya Group company. The amicus curiae will have to state the nature of the properties, including whether they are clean or disputed, while taking into account the responses of other stakeholders.
The bench asked the Centre, amicus curiae and SEBI to respond to the prayers made in Sahara's application. "We will decide whether the properties should be sold in parts or all at once," the Chief Justice said.
Instructions to investigate the claims of employees who have not received their salaries
The court directed Sahara Group to investigate claims of employees who have not been paid for several years. The amicus curiae was asked to investigate the employees' salaries and dues and the matter will be considered at the next hearing date.
All the petitions, including the intervention application and the petition of Sahara company, have been fixed for consideration on November 17.
History of Sahara Scam
Sahara India Pariwar was founded in 1978 in Lucknow by Subrata Roy. Initially a small chit fund company, it later expanded into sectors such as real estate, media, hotels, finance, and retail. Billing itself as "India's largest family," Sahara raised millions of investments. However, in 2011, the case came under the radar of SEBI and became one of the country's biggest financial scams.
Role of Adani Group
The Adani Group is now playing a key role in Sahara India Group's long-standing financial crisis. Sahara has proposed selling 88 of its prime properties to Adani Properties Private Limited in 2025, a deal that is awaiting Supreme Court approval. This deal could be Sahara's last major attempt to repay investors, while for Adani, it represents a strategic move to strengthen its real estate portfolio.
--Advertisement--
