New York: US-based Mirach today formally called off its USD 2.05 billion loan financing for Saharas and returned the entire due diligence fees of USD 2.625 million to the crisis-hit group, even as it offered a complete buyout of their three iconic hotels.
Mirach, however, maintained Sahara remains an "unwilling seller" for the three overseas properties -- The Plaza and Dream Downtown in New York and the Grosvenor House in London.
Run by Indian-origin Saransh Sharma, Mirach had emerged as a white-knight in Sahara's efforts to secure release of its jailed chief Subrata Roy till its syndicate loan offer got embroiled in an alleged "forged letter" controversy.
In a statement, Mirach said it has remitted USD 2.625 million to the Sebi-Sahara Fund while ending the proposed deal, which involved transfer of loans taken by Saharas from Bank of China for these hotels to a clutch of investors.
Maintaining that it has incurred costs and was entitled to various fees, Mirach said it has returned the money to "wipe the slate clean" in the wake of "unfounded allegations".
The US-based group further said that its CEO Saransh Sharma has also written to Sebi, the Amicus Curiae in the case and Sahara representatives about the remittance.
The Supreme Court was, meanwhile, informed today that the Mirach deal has failed.
Mirach further said that the group and its "syndicate of investors" continue to stand ready, willing and able to execute a purchase of Sahara's assets, while it asked the Supreme Court to intervene in the matter.
The Court had given time till February 20 for the deal, but it fell apart after Bank of America disclosed that it was not involved in the deal as was being claimed.
Sahara later said that its own due diligence found the letter to be "forged", which was purportedly from Bank of America and claimed to provide guarantees worth USD 1.05 billion for the Mirach-Sahara deal.
Mirach denied the forgery allegations, while both the groups have warned each other of legal action.
In today's statement, Mirach said it has "made an offer on all of the assets previously involved in the loan package, which could provide Roy and his creditors relief in the form of USD 2.05 billion."
Roy and his two colleagues are in jail for almost one year in a case related to repayment of investors' money, totalling Rs 20,000 crore.
Naphade also said that the court would now be informed about the company's new fund raising plan.
The apex court had on January 9 allowed Sahara Group to go ahead with its proposed transactions with some conditions including the approval of RBI for the transfer to India of the funds raised in the US to meet the requirement set for release of Roy, who is lodged in Tihar jail since March 4 last year for non-refund of over Rs 20,000 crore with interest to depositors.
Roy was arrested last February along with two other directors Ashok Roy Choudhary and Ravi Shankar Dubey.
The apex court, which had asked 65-year-old Roy to pay Rs 10,000 crore to get bail, out of which Rs 5,000 crore should be paid in cash and rest in bank guarantees, had extended its August 1 order for conference facility for him in Tihar jail to deal with the nitty-gritty of transaction till February 20.
The bench had said Sahara will move the Reserve Bank of India (RBI) at appropriate level or before its competent authority and make representation for suitable clarification for bringing the amounts arranged in the US and deposit it in the account of Aamby Valley Ltd, Mauritius, a fully owned subsidiary of Sahara India's Aamby Valley Ltd.
Further, the bench said the entire loan amount generated from the US shall be deposited with Aamby Valley Ltd, Mauritius and not be utilised or transferred by the Indian subsidiary, for any other purpose except for being deposited with SEBI in the SEBI-Sahara refund account.
Thirdly, the bench made it clear that Sahara will not be free to claim any equity on the amount raised as loan from overseas and deposited with Aamby Valley Ltd, Mauritius, for the purpose of bailing out Roy from jail.
