February 12, 2015 / 1:30 PM / 5 years ago

India's Sahara says taking legal action against Mirach after deal collapse

MUMBAI, Feb 12 (Reuters) - India’s Sahara said on Thursday it was taking legal action against the U.S.-based firm Mirach Capital Group after the collapse of talks between them to raise funds against some of the Indian group’s properties including New York’s Plaza hotel.

Last week, Sahara described as forged a Bank of America letter intended to show Mirach had enough funds to arrange a $2 billion deal, which involved refinancing its overseas hotels, including Plaza and Grosvenor House in London.

Sahara said in a statement on Thursday it was initiating civil and criminal legal action in India and the United States for “gross criminal conduct” of Mirach and its officials that led to the deal collapse.

Mirach Chief Executive Saransh Sharma did not immediately respond to Reuters request for comment. (Reporting by Sumeet Chatterjee; Editing by Mark Potter)

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