Subrata Roy, the chief of the Sahara Group, passed away at the age of 75 due to cardio-respiratory arrest, as confirmed by a company statement on Tuesday.
The statement revealed that he succumbed to cardio-respiratory arrest at 10:30 pm after a prolonged struggle with complications arising from metastatic malignancy, hypertension, and diabetes.
Subrata Roy had been admitted to Mumbai's Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute on Sunday as his health had deteriorated.
The company expressed deep sorrow, stating that his loss would be keenly felt by the entire Sahara India Pariwar.
Subrata shaped Sahara Group across various sectors
Born on June 10, 1948, in Araria, Bihar, Subrata Roy played a significant role in the Indian business landscape. He was a distinguished entrepreneur and a leading businessman of his era, shaping the Sahara Group across various sectors. Within the group, he was affectionately referred to as Sahara Shri.
Subrata Roy's journey in the business world began with Sahara Finance in Gorakhpur, a distressed chit fund company. Under his guidance, Sahara Finance evolved into Sahara India Pariwar, a conglomerate with interests in diverse industries.
Despite achieving success, Subrata Roy faced legal challenges, leading to his arrest in 2014. He engaged in legal battles with SEBI from Tihar Jail until his eventual release on parole.
Case pending in Patna HC and SC
Subrata Roy has been granted bail amid an ongoing case in the Patna High Court that has spanned several years. The case revolves around Sahara India's failure to repay money invested by individuals in various company schemes. The Supreme Court had previously issued a stay on Patna High Court's order against Subrata Roy's arrest, along with an order to maintain the status quo regarding any further legal actions against him.
A similar case against Subrata Roy is also in progress in the Supreme Court, where he is currently out on bail. Sahara India contends that they have deposited the entire amount with SEBI for the purpose of repaying the investors' money.
Newspaper Rashtriya Sahara was launched in 1992
Throughout the years, the Sahara group has made notable strides, launching the Hindi-language newspaper Rashtriya Sahara in 1992, initiating the ambitious MB Valley City project near Pune in the late 1990s, and venturing into the television sector with Sahara TV. In the 2000s, Sahara gained international attention with high-profile acquisitions, including the Grosvenor House Hotel in London and the Plaza Hotel in New York City.
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