In a surprising move, Sahara India Group’s chairman, Subrata Roy, passed away just a week after signing a crucial letter on November 7, 2023. The letter, Co-ord. Ref. No. 001/101/4145, transferred all operational control of the conglomerate to O P Srivastava, a trusted lieutenant who had served the company for over three decades.
The late chairman acknowledged in the letter that his health made it impossible to handle administrative matters efficiently. As a result, he emphasized the need for someone of stature and rank to assume administrative powers promptly. Srivastava was chosen for his longstanding dedication and ability to make swift and appropriate decisions in administrative matters.
O P Srivastava, now in control, is recognized as the group’s current leader, following the directive outlined in the circular. However, insider sources suggest that this arrangement is temporary. It is expected that Swapna Roy, the widow of Subrata Roy, will eventually assume the role of chairman and managing director of the Sahara India Group.
Despite this plan, challenges loom over Swapna’s potential leadership. As a Macedonian citizen, Swapna faces legal complications, similar to her brother-in-law, Sushanto, who resides in London, also a Macedonian citizen. In contrast, the younger son, Seemanto, is an Indian citizen, living in Dubai. The sons have shown no interest in returning to India to manage their father’s company, given the numerous legal cases pending against the promoters.
Swapna Roy, who was previously restricted from leaving India when visiting her ailing husband, has reportedly decided to take up the challenge of leading the group and fighting the legal battles. Notably, the Sahara India Group, although rich in assets, is grappling with liquidity issues. The immediate battle involves securing the release of Rs 24,000 crore deposited with the Securities and Exchange Board of India (SEBI). The group’s fate hinges significantly on the outcome of court rulings on this critical financial matter.
