LUCKNOW: Subrata Roy, the founding father of Lucknow-based Sahara Group, handed away at Mumbai’s Kokilaben Dhirubhai Ambani Hospital and Medical Analysis Institute (KDAH) at 10.30 pm on Tuesday. He was 75. Roy is survived by his spouse Swapna Roy and sons, Sushanto Roy and Seemanto Roy.
Born on June 10, 1948, in Araria, Bihar, Roy was a maverick face of India Inc and most popular to be referred to as ‘managing employee’ and his group a ‘pariwar’, which had an estimated 1.2 million staff at its peak.A primary technology entrepreneur, he raised a enterprise empire that spanned throughout numerous sectors together with finance, actual property, aviation, media, well being and hospitality. The group was the sponsor of the Indian cricket workforce for 11 years.
His later years, nonetheless, had been identified for his brush with regulation. In March 2014, the Supreme Courtroom ordered his detention for his failure to seem in court docket in reference to a dispute with the Securities and Alternate Board of India (Sebi), which needed the group to refund billions of buyers their cash. Roy needed to spend a bit of over two years in Tihar jail until he was launched on parole in Could 2016. The Supreme Courtroom has now arrange a “Sahara-Sebi refund account” for this goal.
“It’s with profound unhappiness that Sahara India Pariwar informs the demise of our Hon’ble ‘Saharasri’ Subrata Roy Sahara, managing employee and chairman, Sahara India Pariwar. Saharasri ji, an inspirational chief and visionary, handed away on November 14, 2023 at 10.30pm as a consequence of cardiorespiratory arrest following an prolonged battle with issues arising from metastatic malignancy, hypertension, and diabetes,” Sahara India Pariwar stated in its assertion.
Roy had been admitted to Kokilaben Hospital in Mumbai on November 12 after a sudden decline in his well being. “Particulars relating to final rites will likely be communicated sooner or later,” the assertion stated.
Roy’s journey as an entrepreneur began from Gorakhpur the place he took over a small chit fund firm in 1976 and turned it round inside two years to boost Sahara India Pariwar, which turned one of many greatest conglomerates of the nation by the flip of the century.
Aside from beginning a newspaper and TV channels, he began Aamby Valley Metropolis venture between Pune and Mumbai in Nineties and purchased properties reminiscent of London’s Grosvenor Home Lodge and NYC’s Plaza Lodge. He additionally co-owned Power India F1 workforce with Vijay Mallya. He later purchased it and christened it Sahara Power India.
“Saharasri ji was…a supply of inspiration for all who had the privilege to work alongside him,” the group’s assertion stated.
Watch Sahara Group founder Subrata Roy passes away in Mumbai
Born on June 10, 1948, in Araria, Bihar, Roy was a maverick face of India Inc and most popular to be referred to as ‘managing employee’ and his group a ‘pariwar’, which had an estimated 1.2 million staff at its peak.A primary technology entrepreneur, he raised a enterprise empire that spanned throughout numerous sectors together with finance, actual property, aviation, media, well being and hospitality. The group was the sponsor of the Indian cricket workforce for 11 years.
His later years, nonetheless, had been identified for his brush with regulation. In March 2014, the Supreme Courtroom ordered his detention for his failure to seem in court docket in reference to a dispute with the Securities and Alternate Board of India (Sebi), which needed the group to refund billions of buyers their cash. Roy needed to spend a bit of over two years in Tihar jail until he was launched on parole in Could 2016. The Supreme Courtroom has now arrange a “Sahara-Sebi refund account” for this goal.
“It’s with profound unhappiness that Sahara India Pariwar informs the demise of our Hon’ble ‘Saharasri’ Subrata Roy Sahara, managing employee and chairman, Sahara India Pariwar. Saharasri ji, an inspirational chief and visionary, handed away on November 14, 2023 at 10.30pm as a consequence of cardiorespiratory arrest following an prolonged battle with issues arising from metastatic malignancy, hypertension, and diabetes,” Sahara India Pariwar stated in its assertion.
Roy had been admitted to Kokilaben Hospital in Mumbai on November 12 after a sudden decline in his well being. “Particulars relating to final rites will likely be communicated sooner or later,” the assertion stated.
Roy’s journey as an entrepreneur began from Gorakhpur the place he took over a small chit fund firm in 1976 and turned it round inside two years to boost Sahara India Pariwar, which turned one of many greatest conglomerates of the nation by the flip of the century.
Aside from beginning a newspaper and TV channels, he began Aamby Valley Metropolis venture between Pune and Mumbai in Nineties and purchased properties reminiscent of London’s Grosvenor Home Lodge and NYC’s Plaza Lodge. He additionally co-owned Power India F1 workforce with Vijay Mallya. He later purchased it and christened it Sahara Power India.
“Saharasri ji was…a supply of inspiration for all who had the privilege to work alongside him,” the group’s assertion stated.
Watch Sahara Group founder Subrata Roy passes away in Mumbai
