Sahara saviour Mirach Capital all of six weeks old

  • Yashwant Raj, Hindustan Times, Washington
  • Updated: Jan 16, 2015 09:18 IST

Mirach Capital, which is investing about $1.5 billion (Rs 9,400 crore) in the Sahara Group, was registered as a company in Florida (US) on December 1, 2014, according to to an official filing on the state’s website.

It announced earlier last week, less than a month-and-a-half after registration, that it was taking over the $882-million (Rs 5,468 crore) debt Sahara owed the Bank of China and was loaning the group an additional $650 million (Rs 4,030 crore).

Mirach’s loan to Sahara carries an interest rate of 11%, and Sahara has a year to pay it back. A default would give Mirach the first right to buy, or reject, Sahara properties. At stake are the iconic The Plaza and Dream Hotel in New York and Grosvenor House in London.

Sahara, which has been trying unsuccessfully to sell these hotels since March, is looking to raise Rs 10,000 crore to ensure the release of its chief Subrata Roy from Tihar jail in accordance with a Supreme Court order.

The company’s registration filing in December listed one Darren Heitner as a registered agent. There was no response from Heitner to an email. An automated reply said he was away and all mail should be forwarded to a colleague, Alan Wilmot.

“Honestly speaking, I don’t know much about the company / probably wouldn’t be able to give you the information you seek. Darren returns on the 21st. He’s much more qualified to speak to you about the company. Sorry if that interferes with your deadline,” Wilmot said in an email.

Sharansh Sharma was listed as MGR (manager), under “Authorized Person(s) Detail” in the official filing. His address was given as 20 Descanso Drive, San Jose, California 95132, which is also listed as the “current principal place of business” and “current mailing address”.

Sharma couldn’t be contacted despite many attempts over phone and via email. His office said he was in India and gave a cellphone number that no one answered.

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