Mirach decided to file 400 million US dollar defamation suit against Sahara Group

Mar 17, 2015 15:20 IST

The United States (US)-based Mirach Capital on 16 March 2015 decided to file a 400 million US dollar defamation lawsuit against the Sahara group.

Mirach Capital alleged that the failed financing deal with the Sahara Group has caused irreparable harm and shaken investor confidence.

Further, it has accused Sahara Group of hurling unfounded allegations against it despite factual evidence that completely dispels Sahara’s trumped up allegations of forgery.

Mirach further accused Sahara’s representatives of breaching an exclusivity contract with it following public comments by its CEO Saransh Sharma regarding the group’s acquisition strategy of the Sahara assets.

Mirach asserted that no US federal authorities have contacted it and its directors to date for any investigation.

However, Sahara 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.

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