Mumbai : In a somber development, Subrata Roy, the visionary founder and chairman of Sahara India Pariwar, succumbed to health complications at the age of 75 on Tuesday in Mumbai. Roy, who had been receiving medical treatment at a local private hospital, breathed his last at 10.30 pm.
The mortal remains of Sahara Group Chairman Roy are set to be transported to Lucknow, Uttar Pradesh, for the final rites scheduled for Wednesday.
The official statement from the company attributes his demise to cardiorespiratory arrest, marking the end of an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes. Roy was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute on Sunday following a decline in health.
Sahara India Pariwar expressed profound sadness at the loss of their Hon’ble ‘Saharasri,’ describing him as an inspirational leader and visionary. The group acknowledged Roy’s role as a guiding force, mentor, and source of inspiration for all who had the privilege to work alongside him.
Roy, a resident of Araria district, Bihar, was a pivotal figure in the conglomerate’s journey. From humble beginnings of selling biscuits and namkeen on a motorcycle in 1978, he went on to establish Sahara India Pariwar, reaching business milestones that included owning the Pune franchise in IPL and a stake in the Force India Formula 1 racing team.
Sahara Group’s ambitious plans to develop over 60 towns across India with a planned investment of Rs 90,000 crore showcased its diverse interests, providing job opportunities for approximately 11,000 people. The group’s influence extended across real estate, insurance, media and entertainment, sports, and health services sectors.
Political figures, including SP Chief Akhilesh Yadav and Shivpal Singh Yadav, expressed their grief, highlighting the significant loss to the state of Uttar Pradesh.
Legacy Amid Legal Challenges:
Despite Sahara India Pariwar’s success, Subrata Roy faced legal challenges in 2014 with market regulator SEBI over investment schemes later deemed illegal. The dispute led to his detention in Tihar Jail for over a year, stemming from his failure to appear in court. The case centered on SEBI’s demand for Sahara to refund billions to investors, resulting in the establishment of a “Sahara-Sebi refund account” by the Supreme Court. The legal ordeal underscored the complexities faced by the business mogul despite his prior successes.
Sahara India Pariwar spans various sectors, including finance, real estate, infrastructure and housing, media and entertainment, tourism, and hospitality. The conglomerate’s trajectory reflects the dynamic and multifaceted legacy of its late founder, Subrata Roy.
