Supreme Court to Hear Sahara Employees' Salary Pleas and Property Sale Proposal Today

The Supreme Court is set to hear critical interim applications today, November 17, concerning Sahara Group employees who have not received salaries for many months. Lawyers urged the court on Friday to list these pleas for hearing on Monday.

Separately, the court is reviewing a plea from Sahara India Commercial Corporation Ltd. (SICCL) seeking permission to sell 88 of its prime properties to Adani Properties Private Limited. This proposed sale is linked to Sahara Group's long-standing refund obligations. The court had previously sought responses from the Centre, the Securities and Exchange Board of India (SEBI), and other stakeholders regarding this property sale.

The bench, including Chief Justice BR Gavai and Justices Surya Kant and MM Sundresh, has also impleaded the Ministry of Finance and the Ministry of Cooperation in the proceedings, asking for their responses by November 17. Amicus curiae Shekhar Naphade has been tasked with collating details of the 88 properties, assessing whether they are clean or disputed, and considering responses from other stakeholders. The court will decide if properties are sold piecemeal or collectively.

The Sahara Group has also been directed to examine the claims of workers awaiting salary payments for years, with the amicus curiae also assigned to investigate employees' salary arrears. All related pleas, including intervention applications and Sahara's property sale request, are scheduled for consideration on November 17.

Impact:

This news has a moderate impact of 5/10 on the Indian stock market. It highlights ongoing legal and financial complexities for a major corporate entity, which can influence investor sentiment regarding corporate governance and debt resolution. While not directly causing market-wide volatility, it sets precedents for handling large corporate insolvencies and employee dues.

Difficult Terms:

• Interim pleas: Requests made to the court during the ongoing legal proceedings for a temporary decision or relief.
• Amicus curiae: A person or entity appointed by the court to assist in a case by offering information, expertise, or opinion.
• Stakeholders: Individuals, groups, or organizations with an interest or concern in the Sahara Group's proceedings.
• Interlocutory application (IA): A formal request made to a court in an ongoing lawsuit for an order or ruling on a collateral matter.
• Impleaded: To join a person or entity as a party to a lawsuit.
• Piecemeal: Done in stages or parts, rather than all at once.
• Arrears: Money that is owed and has not been paid, especially on time.