Washington, After the souring of its
deal with Sahara, US-based Mirach Capital Group (MCG) has said it will initiate
a $400-million defamation suit against the Indian group alleging “irreparable
harm” and “shaken investor confidence”.
The syndicate of five British and US
investors, which had in January made a $2.05 billion loan offer to embattled
Sahara group chief Subrata Roy, on Monday accused the Indian firm of hurling
“unfounded allegations” against it.
Even as “factual evidence” completely
dismisses Sahara’s “trumped up” allegations of forgery, Sahara and its
representatives continue to attempt to discredit Mirach and its CEO Saransh
Sharma in the court of public opinion, it said in a statement.
Accusing Sahara’s representatives of
breaching an exclusivity contract with it, Mirach said it was announcing a
defamation lawsuit to the amount of $400 million against the Sahara Group, as
well as an unnamed “news organisation believed to be a collaborator”.
Mirach said: “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’.”
Mirach said that when it fought back
against those allegations, Sahara “trumped up” stories of a US probe.
Mirach asserted that no US federal
authorities had contacted it or its directors so far for any probe.
Mirach added: “In light of these
actions, which have caused irreparable harm in the form of loss of income,
shaken investor confidence, personal injury and more, Mirach Capital Group is
prepared to litigate until justice is served.”
Roy has been trying to raise money to
secure his release on bail from Delhi’s Tihar Jail where he has been locked up
since March 2014 on the Supreme Court’s orders for failing to refund his
investors.
The apex court on March 13 granted
Roy a “final chance” to raise Rs.10,000 crore to make part repayment of
investors’ money raised by the company in 2008 and 2009 — which is also a
condition for his and two other directors’ release from custody.
Mirach’s original loan offer was made
against the Sahara group’s hospitality properties including the Plaza Hotel in
New York, the Grosvenor House Hotel in London, Sahara Star in Mumbai and Aamby
Valley resorts in Maharashtra.
Last month, accusing Mirach Capital
of cheating and forgery in the failed $2.05-billion financing deal, Sahara said
it had initiated legal action against the US-based firm. (Source- www.newsroompost.com)
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