US-based Mirach Capital on Tuesday said it is initiating a $ 400 million defamation lawsuit against the Sahara group, while alleging that the failed financing deal with the Indian conglomerate has caused "irreparable harm" and "shaken investor confidence".Accusing Mirach Capital of cheating and forgery in the failed $2.05 billion loan arrangement, Sahara had also said last month that it has initiated legal action against the US-based firm.
The crisis-hit 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.In a press release issued Mirach has now accused Sahara of hurling "unfounded allegations" against it despite "factual evidence" that completely dispels Sahara's "trumped up" allegations of forgery.