The Sahara group has accused Mirach of 'cheating and forgery'.
Sahara accuses Mirach Capital of cheating, forging bank letter.
In a fresh twist to the alleged "forgery" saga, US-based Mirach has asked Sahara to make a "formal apology" for tarnishing its image.
Mirach said it has remitted $2.625 million to the Sebi-Sahara Fund.
Sahara had initiated legal action against the US-based firm.
Sahara said it has initiated legal action against Mirach Capital.
An investment vehicle lining up a $2 billion package to help bail the boss of India's troubled Sahara out of jail said it expects to ultimately take control of landmark hotel assets like New York's Plaza after the conglomerate fails to repay lenders.
Mirach Capital rejected accusations of indulging in forgery.
Sahara says it got suspicious on February 1 about the purported letter showing Mirach having blocked sufficient funds with Bank of America.
Sahara was in funding talks with Mirach
Subrata Roy is in jail since March last year.
Suitors came with all-cash offers but were rebuffed
Sahara relied on a letter from bank saying the funds were there.
The Supreme Court on Monday gave conglomerate Sahara another three months to come up with a final proposal to raise funds against its assets to secure bail for its founder Subrata Roy, who has been held in a New Delhi jail for more than a year. Sahara has made several failed attempts to raise $1.6 billion in bail money. Roy was jailed after Sahara failed to comply with a court order to refund billions of dollars to investors in a bond programme that was ruled illegal. The Supreme Court last week gave Sahara, a sprawling conglomerate that ranges from property to Formula One motor racing, a final chance to raise funds in order to bail out Roy. On Monday, the country's top court allowed Sahara to sell part of its Aamby Valley township outside Mumbai, which has luxury villas and a golf course, to raise funds.
Sahara told the top court this week it was considering other proposals to raise funds, including selling a luxury development outside Pune.
Sahara told the court it was working on new deals to raise funds.
It is one of the three marquee hotels owned by Sahara outside India.
'A law firm checked credentials of Karan Ajit Judge and Nouam'
Sahara was to provide a bank guarantee from HSBC.
Spanish bank denies credit line to bail Sahara boss.
The top court last week gave Sahara a final chance to raise funds.
Sahara group has sought extension of negotiation facilities in the Tihar jail here for its chief Subrata Roy by a further 45 days.
The group needs to rustle up Rs 5,000 crore in cash and an equal amount in bank guarantees for bail.
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