Subrata Roy, the Chairman and Managing Worker of Sahara India Group, passed away at the age of 75 due to cardiorespiratory arrest at Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai. The announcement was made through a statement by the Sahara Group, expressing profound sadness at the loss of an “inspirational leader and visionary.”
Subrata Roy, known as ‘Saharasri,’ played a pivotal role in building the Sahara Group into a multi-billion dollar enterprise with diverse interests in retail, real estate, financial services, aviation, and media. He faced controversies and legal battles over allegations of regulatory violations related to his group firms, which were accused of running Ponzi schemes.
The statement highlighted Roy’s contribution to the growth of the Sahara Group and his influence as a mentor and source of inspiration. The group affirmed its commitment to upholding his legacy and vision in driving the organization forward.
Subrata Roy’s entrepreneurial journey began with a remarkable rags-to-riches story, expanding his business across various sectors and owning landmark global properties, including the Plaza Hotel in New York and Grosvenor House in London. Despite facing legal challenges, he continued to be a prominent figure in business, known for his friendships with influential personalities in politics and Bollywood.
The announcement noted that Sahara India Pariwar would continue to honor Subrata Roy’s vision in steering the organization. His prime contributions included sponsoring Indian cricket and hockey teams, owning a Formula One racing team, and organizing grand weddings for his two sons, which were among the biggest events in India.
Subrata Roy’s legal troubles began in 2010 when the Securities and Exchange Board of India (SEBI) restrained Sahara Group entities from mobilizing funds. Subsequently, he faced arrest in 2014 in connection with a contempt case related to non-refund of funds to investors. The legal battles continued over refunding deposits to investors, and the Supreme Court ordered Sahara to deposit an estimated Rs 24,000 crore with SEBI for further refunds.
Despite the controversies, Subrata Roy’s impact on India’s business landscape and his larger-than-life persona left an indelible mark on the country’s corporate history
