Sahara to SC: Deal with Mirach Group has fallen through

New Delhi, February 11: The Sahara Group on Wednesday told the Supreme Court that its deal with the Mirach Capital Group to raise a $650-million loan to comply with the court's order to deposit Rs.5,000 crore in cash and bank guarantee of like amount has collapsed. The apex court on January 9 had permitted Sahara group to raise a "junior loan" of $650 million from Mirach Capital Group for the payment of Rs.5,000 crore in cash and a bank guarantee of like amount towards part payment of investors money that it had raised through the Optiolly Fully Convertible Debentures(OFCDs) in 2008-2009. The court by its March 26, 2014 order had asked the Sahara Group to deposit the amount in cash.