Trouble does not seem to end for the Sahara group. In fresh turn of events, US based Mirach Capital is initiating a $400 million defamation lawsuit against the Sahara group.

Mirach Capital claims that the unsuccessful financing deal with the Indian firm has caused them "irreparable harm" and "shaken investor confidence".

Last month, Sahara had initiated legal action against Mirach capital accusing them of cheating and forgery

Sahara group had alleged that financially non- capable behavior on the part of CEO Saransh Sharma had led to breaking down of the deal, which eventually led to the loss of precious time, resources and position of Sahara.

Mirach Capital said that Sahara and its representatives continue to attempt to disgrace Mirach and therefore Mirach is "announcing a defamation lawsuit to the amount of $400 million against the Sahara Group as well as against a news organization which is supposed to be a collaborator.

Mirach also accused Sahara's representatives of breaking an exclusivity contract with it.

In a statement, the firm said that Sahara group tried to disgrace CEO Saransh Sharma, hurling unproven allegations of forgery. When the firm denied those allegations, Sahara group made up stories of a US probe.

The firm said "In light of these actions, which have caused irreparable harm in the form of loss of income, shaken investor confidence, personal injury and more, Mirach Capital Group is prepared to litigate until justice is served."

On March 13, The Supreme Court granted a last opportunity to Sahara Group to raise the necessary bail money and pay back the investors.