Sahara refunds stall as SEBI holds ₹21,505 crore corpus; asset sale awaits court nod
SEBI made no Sahara investor refunds in 2025-26 while holding ₹21,505 crore including accrued interest. Sahara entities have sought Supreme Court approval to sell remaining assets to Adani Properties, while SEBI has called for a transparent, competitive sale process.
What happened
Sahara Group · SEBI made no Sahara investor refunds in 2025-26 and holds ₹21,505 crore including interest. Sahara entities seek Supreme Court approval to sell
Key facts
- ₹21,505 crore total Sahara refund fund balance including accrued interest
- ₹16,379 crore Sahara refund account balance as of March-end 2026
- ₹25,781 crore principal liability
- ₹5,000 crore remitted to Central Registrar of Cooperative Societies
- Over ₹24,000 crore raised through debentures from 23 million investors
- 15% interest ordered by Supreme Court
Why this matters
Potential buyers should expect a court-supervised, competitive process for Sahara assets rather than rely on a bilateral sale to Adani Properties.
What to watch
- Supreme Court order setting a sale framework, reserve price, or timeline.
- Disclosure of the asset list, title status, encumbrances, valuations, and proposed Adani Properties consideration.
- Any SEBI restart of refund disbursements or expansion of eligible claimant categories.
- Number and value of verified investor claims relative to the corpus held by SEBI.
- Appearance of rival bidders, creditor objections, or challenges alleging below-market asset pricing.
- Directions on transfer of sale proceeds into the SEBI-Sahara refund account versus separate creditor settlement pools.
- Supreme Court hearing on Sahara entities' request to sell remaining assets and on the proposed buyer/process.
- SEBI submission detailing the ₹21,505 crore corpus, accrued interest, investor-claim verification status, and refund-disbursement constraints.
- Court direction on whether a direct sale is permissible or whether e-auction, independent valuation, and public tender are required.
- Potential appointment or strengthening of a court-supervised committee/administrator to manage asset sale and proceeds distribution.
- Competing claims from lenders, employees, tax authorities, property buyers, and verified Sahara investors over sale proceeds.