A $400 million defamation suit is coming against Sahara
March 17, 2015 09:47
US-based Mirach Capital today said it is initiating a USD 400 million defamation lawsuit against the Sahara group, while alleging that the failed financing deal with the Indian conglomerate has caused "irreparable harm" and "shaken investor confidence".
Accusing Mirach Capital of cheating and forgery in the failed USD 2.05 billion loan arrangement, Sahara had also said last month that it has initiated legal action against the US-based firm.
The crisis-hit group had alleged that Mirach and its CEO Saransh Sharma's criminal conduct and lack of financial capabilities to honour such huge commitments led to the breaking down of the deal, leading to the loss of precious time, resources and position of Sahara.
In a press release issued today, Mirach has now accused Sahara of hurling "unfounded allegations" against it despite "factual evidence" that completely dispels Sahara's "trumped up" allegations of forgery.
Stating that the Lucknow-based company and its representatives continue to attempt to discredit Mirach and its CEO Sharma in the court of public opinion, Mirach said it is "announcing a defamation lawsuit to the amount of USD 400 million against the Sahara Group, as well as a news organisation believed to be a collaborator."
Mirach further accused Sahara's representatives of breaching an exclusivity contract with it following public comments by its Indian-origin CEO Sharma regarding the group's acquisition strategy of the Sahara assets.
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