Whalesbook
The Supreme Court has postponed the hearing on Sahara Group's request to sell properties to the Adani Group by six weeks. The court has asked the Central government to submit its response to a note filed by the amicus curiae, Shekhar Naphade, who has raised objections concerning 34 properties. The Ministry of Cooperation has also been impleaded in the case due to Sahara Group's involvement with cooperative societies.
The Supreme Court of India has deferred the hearing on a plea filed by Sahara Group, seeking permission to sell its properties to the Adani Group. This postponement, set for six weeks, comes after the court requested the Central government to file its response to a note submitted by amicus curiae Shekhar Naphade. Mr. Naphade, assisting the court, indicated that he has received several objections regarding the proposed property sales, specifically highlighting concerns with 34 identified properties.
Furthermore, the bench, comprising Chief Justice BR Gavai and Justices Surya Kant and MM Sundresh, decided to implead the Ministry of Cooperation in the proceedings. Solicitor General Tushar Mehta, representing the Centre, stated that the Sahara Group has formed numerous cooperative societies, which might be affected by the property transactions. This move ensures that the interests of these cooperative bodies are considered.
Impact
This deferral signifies a delay in Sahara Group's asset liquidation plans and consequently impacts the potential acquisition timeline for the Adani Group. The court's decision to seek further responses and consider objections suggests a thorough examination of the proposed sale, potentially affecting the valuation and finalization of the deal. It also brings governmental bodies like the Ministry of Cooperation directly into the oversight of Sahara's financial dealings.
Rating: 7/10
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