New Delhi: Sahara is mulling legal action against the US-based Mirach Capital for alleged forgery in committing an over $1 billion bailout package in lieu of the group's three hotels in New York and London.
The Sahara group, needing Rs 10,000 crore to get its chief Subrata Roy and two other directors released from Tihar Jail, was eying Mirach's promised bailout package, which turned sour after the Indian entity discovered that Bank of America's (BofA) letter promising the money was forged.
Sources from Sahara said, Mirach CEO Saransh Sharma was present in the courtroom when its counsel were showing the BofA letter to the Supreme Court bench headed by Justice T S Thakur on January 9.
Earlier, the amicus curiae in the case, senior advocate Shekhar Naphade, informed the court that Sahara-Mirach deal didn't look likely and termed its development as disturbing, he also added that there was more than what meets the eye.
The bench headed by Justice Thakur had said, the court would examine alternative ways of recovering money from Sahara and asked the group to inform amicus curiae about other proposals to raise money to get Roy out on bail.
Sahara sources also revealed that Sharma backtracked on the promise of returning the retention/blocking fee of $2.6 million (Rs 16.5 crore), despite the deal getting rescinded. . It also rejected Sharma's purported media statement that BofA refused to be a party to the financial transaction citing "integrity issues with Sahara"
Mirach and its CEO are also guilty of wilfully causing contempt of Supreme Court of India for wilfully providing forged letter to be acted upon by the Supreme Court when they were personally present in the court on January 9," the sources said.
"Sharma's statement and stated reason were childish and unfounded as he had never mentioned in any communication about the alleged inability of BofA to be part of the transaction. Instead, he had always defended the letter and said the funds were available at BofA” sources added.
