Astonished at Mirach ‘forged letter’, Sahara vows to take legal action | business | Hindustan Times
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Astonished at Mirach ‘forged letter’, Sahara vows to take legal action

business Updated: Feb 06, 2015 01:04 IST
Bank of America

Stung by a “forged letter” claiming $2 billion funding through the Bank of America, crisis-hit Sahara group on Thursday said it has been “cheated” by the US-based Mirach Capital and would take legal action against the firm and its officers.

“We will take up all suitable legal proceedings — civil and criminal — against Mirach Capital Group (MCH) and their all officers involved in the transaction — both in India and in the USA,” the group said in a strongly worded statement.

This follows an assertion by the Bank of America’s that it was not the banker as claimed by Mirach, run by an Indian-origin businessman Saransh Sharma, in a proposed financing deal for the Sahara group, which has been looking to raise funds to secure bail for its chief Subrata Roy.

Sahara said it got some “disturbing information” about the Mirach deal on February 1, following which it began its own due diligence to check the veracity of the letter.

“Because of having focus on this transaction, we could not take up other offers for last 3-4months We strongly condemn such inhuman conduct of MCH and its officers and make it clear that Sahara will not spare them,” the statement said.

There was no immediate reply to queries sent to Mirach about charges levelled against them. Earlier, following Bank of America’s disclosure, Sharma had said that Mirach has “determined” a bank for the Sahara transaction but did not give any direct reply on BofA.

“We are in no way connected with this transaction,” a spokesperson for Bank of America Merrill Lynch had told PTI.