Sahara Group founder Subrata Roy dies at 75

• Image Credit: Google

• Nov 15, 2023 | Dhupali Das

Subrata Roy, the founder of Sahara India Pariwar, breathed his last on November 14 at the age of 75...

Digital Desk: Subrata Roy, the founder of Sahara India Pariwar, breathed his last on November 14 at the age of 75. The Sahara group confirmed his demise, stating that Roy succumbed to cardiorespiratory arrest resulting from complications arising from metastatic malignancy, hypertension, and diabetes. He had been undergoing treatment at the Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute (KDAH) since November 12 due to a decline in his health.

Roy, survived by his wife Swapna Roy and two sons, Sushanto Roy and Seemanto Roy, was born in Bihar's Araria in 1948. He began his entrepreneurial journey with a modest capital of Rs 2,000, establishing Sahara India. Over time, he transformed the company into a conglomerate, with Lucknow as its headquarters, earning recognition as the second-largest employer in India after Indian Railways, according to Time magazine.

Known for his influential network spanning film stars and political figures, Roy had strong ties with Mulayam Singh Yadav and the Samajwadi Party. Samajwadi Party chief Akhilesh Yadav expressed his condolences, stating, "The death of Shri Subrata Roy ji is an emotional loss for Uttar Pradesh and the country because, along with being a very successful businessman, he was also a very sensitive person with a big heart who helped countless people and became their support."

Also Read : Delhi Air Pollution: AQI Levels Remain 'Severe,' Visibility Reduces Due To Thick Smog

Under Roy's leadership, Sahara diversified into various sectors, including media, real estate, and hospitality. The company launched Rashtriya Sahara, a Hindi-language newspaper, initiated the Aamby Valley City project near Pune, and entered the television industry with Sahara TV. In the 2000s, Sahara acquired prestigious properties like London's Grosvenor House Hotel and New York City's Plaza Hotel.

However, Sahara faced challenges, particularly in the Sahara chit fund scam, where it was alleged to have collected over Rs 24,000 crore from three crore individuals. The Securities and Exchange Board of India (SEBI) took legal action against Roy, leading to his arrest on March 4, 2014, for not paying an outstanding amount of Rs 10,000 crore. Roy spent over two years in jail and was granted parole in 2016.

In recent years, a website was launched to facilitate the refund process for depositors of the Sahara Group of Cooperative Societies. Despite efforts, only 4,600 investors claimed their refunds in 2014, with the regulator facing challenges in tracing the remaining investors.

In a company statement, Sahara India Pariwar mourned the loss of an "inspirational leader and visionary," describing Roy as a "guiding force, a mentor, and a source of inspiration for all who had the privilege to work alongside him." The legacy of Subrata Roy in the business world and his impact on the Sahara conglomerate will undoubtedly be remembered for years to come.