•  •  Dark Mode

Your Interests & Preferences

I am a...

law firm lawyer
in-house company lawyer
litigation lawyer
law student
aspiring student

Website Look & Feel

 •  •  Dark Mode
Blog Layout

Save preferences

Subrata Sahara's $1.6bn bail collection efforts now probably in the soup, as backed by forged BoA guarantee

Sahara’s deal with Mirach Capital Group to borrow $2bn to bail out the group’s supremo Subrata Roy - jailed by the Supreme Court for contempt of court since nearly a year - might be falling apart after a Reuters exclusive yesterday revealed that a Bank of America guarantee letter backing the loan had been forged.

This is likely to leave Roy unable to scrape together enough money to meet the mammoth bail amount, after a series of senior counsel have failed to get him out.

Sahara issued a statement that the letter had been forged and that the company felt “cheated in such an adverse environment against us”, strongly condemned “such inhuman conduct of [Mirach]” and that “Sahara will not spare them” in taking up “suitable legal proceedings”, reported Mint in a detailed story.

Update: Mirach has denied that it forged any guarantee documents, reported PTI

No comments yet: share your views