Sad news to share - Subrata Roy, the heart and soul behind Sahara Group in Lucknow, passed away at the age of 75 on Tuesday. The company revealed that he succumbed to cardiorespiratory arrest around 10:30 pm after bravely facing challenges linked to metastatic malignancy, hypertension, and diabetes. May his legacy continue to inspire.
Sahara group announced with heavy hearts, the news that Subrata Roy, the visionary behind Sahara Group in Lucknow, passed away at 75 this Tuesday. His journey ended due to cardiorespiratory arrest at 10:30 pm, concluding a courageous fight against complications tied to metastatic malignancy, hypertension, and diabetes.
In a heartfelt statement, Group expressed, “It is with profound sadness that Sahara India Parivar informs the demise of Hon’ble ‘Sahara Sri’ Subrata Roy, Managing Worker and Chairman, Sahara India Parivar.” Our thoughts are with his loved ones during this difficult time.
Many of us fondly remember Saharasri ji not just as a leader but as a guiding light, mentor, and someone who inspired us all. He started his business journey back in 1976 with Sahara Finance, a chit fund company, after being born on June 10, 1948, in Bihar’s Araria. Eventually, he founded Sahara India Pariwar, and those of us who worked with him affectionately called him Sahara Shri.
Creating one of the most talked-about success stories in our nation, Roy didn’t just stop at one industry. He took his business to new heights, diving into finance, housing, manufacturing, aviation, and media. Soon enough, his name became a familiar presence in households everywhere. His company even owned some of the world’s notable properties, like New York’s Plaza Hotel and London’s iconic Grosvenor House.
Under Roy’s leadership, Company not only backed the Indian cricket and hockey teams but also had its own Formula One racing team.
However, Roy faced challenges when company became entangled in a dispute with market regulator SEBI over repaying billions of dollars to investors who had invested in a bond scheme later deemed illegal.
In March 2014, Roy was arrested for missing a contempt of court hearing and had been on bail since 2016, steadfastly denying any wrongdoing.
Company and Roy made headlines in 2020 when they successfully halted the release of Netflix’s series “Bad Boy Billionaires,” in which Roy was featured. They argued that it could harm his reputation.
Netflix later released the show after the court lifted its injunction. Roy had made the Sahara Group a multi-billion dollar enterprise that counted itself among the biggest employers of the country.
Akhilesh Yadav expressed grief over Sahara Group chief’s demise
Samajwadi Party chief Akhilesh Yadav, in a post on X on Tuesday, said, “The demise of Subrata Roy is a 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. Heartfelt tribute!”
Subrata Roy death news: UP CM Yogi Adityanath express condolences on Sahara chief’s demise
Subrata Roy death news: UP CM Yogi Adityanath expressed condolences chief Subrata Roy’s demise. He said, “The demise of Sahara Group chief Shri Subrata Roy ji is very sad. It is a prayer to Lord Shri Ram to give place to the departed soul at his feet and give strength to the bereaved family members to bear this immense sorrow.”
What was the SEBI’s case against the Sahara Group?
In 2011, SEBI directed Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to reimburse funds acquired from investors via Optionally Fully Convertible Bonds (OFCDs), deeming the raising of funds by the firms as a violation of regulatory norms. After a prolonged series of appeals and counter-appeals, the Supreme Court, on August 31, 2012, upheld SEBI’s mandate, instructing the two companies to refund the collected funds to investors along with a 15 per cent interest. Subsequently, Sahara was instructed to deposit an estimated ₹24,000 crore with SEBI for further reimbursement to investors, despite the group’s assertion that it had already directly refunded over 95 per cent of the investors’ funds, considering it as “double payment”.
There was a moment with Roy that made headlines when a man from Gwalior accused him of being a thief and even splashed ink on his face. This happened as Roy, wearing his distinctive waistcoat and tie, was being led to the Supreme Court amid a chaotic scene.
In 2014, Roy faced the possibility of arrest for not showing up in the highest court regarding a contempt case linked to his companies failing to repay ₹20,000 crore to investors. Even though he eventually got bail, his businesses continued to grapple with persistent challenges.