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Thursday, February 12, 2015

India's Sahara says taking legal action against Mirach after deal collapse, (NYSE: BAC)

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.

Bank of America Corporation (Bank of America) is a bank holding company and a financial holding company. Shares of BAC fell by 0.37% or $-0.06/share to $16.36. In the past year, the shares have traded as low as $14.37 and as high as $18.21. On average, 85182896 shares of BAC exchange hands on a given day and today's volume is recorded at 99987192.