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Mirach Capital slaps Sahara group with $400 million defamation suit

May place a further moratorium on Subrata Roy’s release.

By Raif Karerat

WASHINGTON, DC: Despite the Supreme Court giving the Sahara group a lifeline by granting an extension to raise funds for its incarcerated chief executive, Subrata Roy, U.S.-based Mirach Capital Group has filed a $400 million defamation suit against the Sahara group, a news organization, that allegedly collaborated with the Indian conglomerate.

The litigious controversy began when Sahara accused Mirach Capital of cheating and forgery in a failed $2.05 billion loan arrangement, and proceeded to initiate legal action against the American firm. Sahara alleged that Mirach and CEO Saransh Sharma’s criminal conduct and lack of financial capabilities let to the dissolution of their deal.

In a press release issued on Tuesday, Mirach is now accusing Sahara of making “unfounded allegations” despite “factual evidence” that completely refutes Sahara’s “trumped up” accusations of forgery.

“Unable to make payments on the interest of the proposed loan package, and being an unwilling seller of the properties, Sahara launched a series of false allegations to discredit Mirach and kill the loan transaction. It further attempted to discredit CEO Saransh Sharma, launching unproven allegations of forgery that have claimed to be validated by Sahara’s ‘internal investigations’,” the firm resolutely stated.

Mirach’s courtroom maneuvering may place a further moratorium on Roy’s release, as the firm has also disclosed it will seek injunctions to prevent Sahara from engaging in any proposed transactions involving properties from the failed $2 billion deal until their conflict is resolved.

“It is unfortunate that the Sahara Group’s unrestrained behavior continues while so many lives hang in the balance,” released the Mirach group.

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1 Comment

  1. ragav
     /  Reply

    Mirach stop making unwanted proclamation just to come in the media.. U also know the truth.. Sahara has not done anything wrong to you.. infct you tried to cheat them… so stop all this crap..

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