Mirach calls off Sahara loan deal, returns fees

February 11, 2015 10:51

Engaged in a war of words with Sahara over a failed syndicate loan deal, US-based Mirach today said it has returned the entire due diligence fees of $2.625 million to the Indian group but is willing to make a $2.05 billion offer for full buyout of their three iconic hotels.

Mirach Capital, run by Indian origin businessman Saransh Sharma, who had emerged as a white-knight in Sahara's efforts to secure release of its jailed chief Subrata Roy till its $2.05 billion financing deal got embroiled in an alleged "forged letter" controversy, maintained that the Indian group remains an "unwilling seller".

In a statement, Mirach said it has remitted USD 2.625 million to the Sebi-Sahara Fund, while ending the proposed loan to Sahara Group, which involved transfer of loans taken by Saharas from Bank of China for its three overseas hotels -- The Plaza and Dream Downtown in New York and the Grosvenor House in London -- to a new syndicate of investors.

The Court had given time till February 20 for the Sahara-Mirach deal, but the deal fell apart after Bank of America came out with a disclosure that it was not involved in the deal as was being claimed.

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