Subrata Roy, the architect of the vast business empire Sahara Group, passed on on Tuesday due to a cardiorespiratory arrest after a prolonged illness. Subrata Roy was 75. Subrata Roy was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai on Sunday after his health deteriorated. He died at 10.30 pm on Tuesday, November 14.
In a statement, the Sahara Group said Subrata Roy died following an extended battle with complications arising from metastatic malignancy, hypertension and diabetes. Calling him an “inspirational leader and visionary”, the company said, “It is with profound sadness that Sahara India Pariwar informs the demise of our Hon’ble ‘Saharasri’ Subrata Roy Sahara, Managing Worker and Chairman, Sahara India Pariwar.” Subrata Roy death news LIVE updates
SUBRATA ROY DIES AT 75: SEVEN THINGS TO KNOW ABOUT HIM
- With the rising popularity, Subrata Roy in 2012 was named one of India’s most influential businessmen by India Today magazine. Also Read | ‘Pride of Lucknow’: Netizens react to passing away of Subrata Roy Sahara
- In 2004, Time magazine named the Sahara Group as “the second-largest employer in India” for its 1.2 million workforce. The top position in India was held by the Indian Railways.
- Subrata Roy had created a huge business empire across retail, real estate and financial services sectors but the tragedy struck when his companies were embroiled in a legal tussle with SEBI after the market regulator in 2011 ordered Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to refund the money raised from investors through certain bonds known as Optionally Fully Convertible Bonds (OFCDs) that was later ruled to be illegal.
- After months of legal battles, in 2012, the Supreme Court upheld Sebi’s ruling asking Subrata Roy’s two firms to refund the money collected from investors with 15 per cent interest i.e., ₹24,000 crore.
- In 2014, the Supreme Court ordered the detention of Subrata Roy after he failed to appear before the court in connection with the battle with SEBI. Subrata Roy was later granted bail.
- In March 2014, a man from Gwalior threw ink on Subrata Roy when the Sahara Group chief was brought to the Supreme Court.
- According to Reuters, Sahara’s assets at one point in time included New York’s Plaza Hotel and the Grosvenor House in London. Subrata Roy was also co-owner of the former Force India Formula One team.
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Updated: 15 Nov 2023, 08:20 AM IST