Supreme Court Directs SEBI to Review Oberoi Realty and Valor Estate Proposals for Sahara's Prime Versova Land

New Delhi: The Supreme Court has instructed SEBI to evaluate development proposals submitted by Oberoi Realty and Valor Estate for Sahara Group’s 106-acre land in Mumbai’s Versova locality.

₹1,000 Crore Deposit Mandated for Each Developer

The bench, led by Chief Justice Sanjiv Khanna, has asked both developers to deposit ₹1,000 crore with the court registry, to be encashed only after the proposals receive final approval.

Apex Court’s Earlier Directives on Sahara’s Liabilities

The directives stem from the 2012 Supreme Court order requiring Sahara to refund ₹24,029 crore to investors, with ₹10,000 crore still outstanding. To address liabilities, Sahara was instructed to pursue joint ventures or land development agreements.

Conditional Clearance for Joint Ventures

The court emphasized that joint venture agreements would be subject to its approval. Funds received would be held in escrow accounts, and refunds would be issued if proposals fail to gain clearance.

Oberoi Realty’s Commitment to Development

On Wednesday, Oberoi Realty's counsel, AM Singhvi, assured the court of an immediate ₹1,000 crore deposit and additional payments upon securing required clearances, with a 14-year timeline proposed for completing the project.