Sahara to take legal action against Mirach

Sahara India Pariwar went on the offensive on Thursday accusing Mirach Capital of cheating and forgery in the failed $2.05-billion loan arrangement.

As reported earlier by Mail Today, it has now initiated legal action against the US-based firm and is now working on a new deal to raise funds to secure bail for its chief Subrata Roy.

The crisis-hit group 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 its deal, leading to precious loss of time, resources and position of Sahara.

"... Sahara is now taking legal action, both of civil and criminal nature, against such gross criminal conduct of MCG (Mirach Capital Group) and their officers, both in India as well as in the US," a Sahara spokesperson said.

He said that an FIR has already been filed in this regard, while adding that the group is now working on another deal and Sahara will comply the order (of the Supreme Court) very soon.

Mirach had on Wednesday formally called off its $2.05-billion loan financing for Sahara and said it has returned the entire due diligence fees of $2.625 million to them. It also accused Sahara of being an unwilling seller for the three overseas properties - The Plaza and Dream Downtown in New York and the Grosvenor House in London.

Shockingly, on January 9, Sharma along with a woman officer was also present in the Supreme Court when Sahara's counsel presented the said letter purportedly issued by Bank of America, based on which the apex court approved the transaction and permitted Sahara to apply to the Reserve Bank of India (RBI) for getting inward remittance in India.

Later on, Bank of America branch manager Nuno Marques informed through his e-mail dated January 31, 2015 that the said letter purportedly issued by him was neither issued nor signed by him. Hence, the letter turned out to be forged.

Subsequently, Sahara sent its officer to the US to confirm the veracity of Bank of America's letter and on February 2 filed an affidavit in the Supreme Court, informing it about these disturbing developments.

Meanwhile, upon inquiry, the Sahara officer confirmed that the Bank of America's letter was a fake, not issued or signed by the branch manager concerned. Thereafter, Sahara confronted Saransh, who was not been able to confirm the veracity of the said BOA letter.

Sahara India Pariwar’s humble contribution to probably the worst disasters of our beloved country

In addition to immediate relief measures, Sahara will built 10,000 Pre-fabricated houses and provide complete food and household items for months and years till the need is there

Sets up Help Line Number (1800 180 9090) for immediate help

Lucknow, June 23, 2013: Uttarakhand region of our beloved country has been struck with the massive natural disaster. Sahara India Pariwar, as a part of its duties, has come forward to extend all possible support to the people of Uttarakhand. We are initiating immediate relief measures and long-term relief measures at the affected places, for our affected fellow Indians.

Immediate Relief Measures which will start in next 48 hours

1.    Sahara India Pariwar will provide more than 1 lac Sahara Q Shop pure drinking water bottles, more than 1 lac juice bottles and food packets along with candles and match boxes. In the same direction, work has already been initiated wherein we have set-up camps to distribute material.

2.    We are immediately deploying 25 medical health unit vans equipped with doctors, pharmacists, free medicines and basic testing equipments. The deployed medical team will continue to provide its services for months henceforth till the requirement exists.

3.    Sahara will also provide complete food and household items every month to 10,000 families for months and years, depending upon the need of these poor families.

4.    We are immediately deputing 1,000 Sahara Volunteers from our workforce to carry out the relief and rescue operations. Besides, if deemed required by the local administration, we will offer many-many thousands more of Sahara Volunteers for the relief and rescue work. Sahara is also in talks with local administration for any other support which can be provided.

5.    We shall also distribute blankets and other relief materials to the affected people.

6.    We will distribute 10,000 Solar Lanterns with hand crank and mobile charger facility, with cranking facility the lantern can be charged manually.

7.    We are also setting up a Help Line number where every possible help will be given to the affected people. The Help Line Number is 1800 180 9090.

Long term Rehabilitation Measures

8.    Sahara will also construct 10,000 pre-fabricated houses based on latest technology (which will be better in every aspect as compared to conventional houses build in hills), under rehabilitation programme. The pre-fabricated houses will be built at places as allotted by local administration.