The Supreme Court on Wednesday sought a fresh plan for raising funds against the properties of the Sahara Group after the collapse of the firm’s negotiations with US-based Mirach Capital last week.
A bench led by Justice TS Thakur asked the Sahara Group and lawyer Shekhar Naphade, who is assisting the court as amicus, to suggest alternate modes of dealing with Sahara’s properties, after it was informed that its deal with Mirach had failed.
Naphade informed the bench about the conflicting claims being made by Sahara and Mirach while Sahara’s counsel submitted that a Mirach’s letter purportedly from Bank of America (BoA) had been forged. Sahara’s counsel S Ganesh told the court that they had been “victimised” by Mirach.
At this, the bench asked Sahara to submit its complaints and grievances in a document to the court and fixed the matter for further hearing on February 20. In a separate development, Mirach, which had agreed on a $2 billion loan for Sahara, said in a statement that it has returned the due diligence fee of $2.625 million, ending the deal. The loan would have helped secure bail for the group’s jailed chief Subrata Roy.
The statement also asked the SC to “intervene and allow” it to buy Sahara’s assets for $2 billion.