Failed deal of Sahara with Mirach brought to SC notice

Supreme Court was today informed that the proposed transactions for a loan of around US dollar 1,050 million from abroad for raising Rs 10,000 crore to ensure the release of Sahara Group chief Subrata Roy from jail has failed.
The issue was mentioned before a bench headed by Justice T S Thakur by senior advocate Shekhar Naphade, who is assisting the court as an amicus curiae in the matter.
Naphade orally said there have been allegations and counter-allegations between Sahara Group and Mirach Capital Llc of the US which was supposed to provide junior loan of USD 650 million and another USD 400 million in investment to the embattled group.

After, the amicus curiae brought to the notice of the bench about the reports on the forgery allegation against the Mirach Capital, the bench said it cannot hear the matter without a proper application and affidavits filed by the parties.
It asked the Sahara Group to explain by way of affidavit the entire development which has resulted in failure of the deal.
The apex court made it clear that it can only hear the matter after a proper application was filed by the Sahara.
Out of the amount of USD 1050 million, Sahara has been allowed to raise a junior loan of USD 650 million and USD 400 million in investment from Mirage Capital Llc.