Subrata Roy, a well-known personality in the retail, real estate, and finance sectors, has sadly passed away at Mumbai’s Kokilaben Hospital following complications related to his health, ultimately resulting in cardiorespiratory arrest. During his professional journey, Roy encountered numerous controversies and legal disputes, notably concerning accusations of operating Ponzi schemes.
The founder of Sahara Group, Subrata Roy, passed away at a private hospital in Mumbai on Tuesday due to a cardiorespiratory arrest. He was 75 years old and had been suffering from a prolonged illness. Despite creating a vast business empire spanning various sectors, Roy was embroiled in numerous legal and regulatory battles over allegations of Ponzi schemes, which his group vehemently denied. He was admitted to the Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai on Sunday after his health took a turn for the worse, as per the company statement.
What is the problem of Subrata Roy?
The individual succumbed to a cardiorespiratory arrest at the hospital on Tuesday at 10.30 pm, as a result of an ongoing struggle with complications stemming from metastatic malignancy, hypertension, and diabetes, as stated.
Sahara India Pariwar has announced the passing of their Managing Worker and Chairman, ‘Sahara Sri’ Subrata Roy Sahara, with great sadness. The statement described him as an inspirational leader and visionary, and his loss will be deeply felt by the entire organization. Despite this, Sahara India Pariwar is committed to upholding Roy’s legacy and will continue to honor his vision in driving the organization forward.
what is the achievement in his life?
During his peak, Roy had transformed the Sahara Group into a multi-billion dollar conglomerate, establishing itself as one of the largest employers in the nation.
Not only did he cultivate relationships with renowned and influential individuals in politics and Bollywood, he also authored one of the most renowned tales of going from rags to riches in the country. Roy’s entrepreneurial endeavors extended to diverse sectors such as finance, housing, manufacturing, aviation, and media, propelling him to become a household name.
Under his leadership, his enterprise acquired prestigious international properties, including the renowned Plaza Hotel in New York and the iconic Grosvenor House in London.
The Sahara Group, under his guidance, provided sponsorship for both the Indian cricket and hockey teams, as well as owning a Formula One racing team.
The extravagant weddings of his two sons, which took place around twenty years ago, remain some of the most lavish celebrations ever held in India. He resided in Lucknow.
In November 2010, the Securities and Exchange Board of India (SEBI) prohibited two entities of the Sahara Group from raising funds from equity markets or issuing securities to the public, while also preventing Roy from soliciting public funds. This marked the beginning of his troubles.
The Sahara Group, under his guidance, provided sponsorship for both the Indian cricket and hockey teams, as well as owning a Formula One racing team.
The extravagant weddings of his two sons, which took place around twenty years ago, remain some of the most lavish celebrations ever held in India. He resided in Lucknow.
In November 2010, the Securities and Exchange Board of India (SEBI) prohibited two entities of the Sahara Group from raising funds from equity markets or issuing securities to the public, while also preventing Roy from soliciting public funds. This marked the beginning of his troubles.
In June 2011, the regulator requested that the two group entities reimburse the funds obtained from investors through Optionally Fully Convertible Debentures (OFCD) as well as the corresponding interest.
Following a lengthy process of appeals and cross-appeals, the Supreme Court issued an order in 2012 for the refund of deposits to investors, along with an additional 15 percent interest.
Subsequently, Sahara was instructed to deposit an approximate amount of Rs 24,000 crore with Sebi, which would be further utilized for refunding investors. However, the group consistently argued that this constituted a “double payment” since they had already directly refunded over 95 percent of the investors.
When requested to provide evidence of repayment, Roy famously dispatched 100 truckloads of documents to Sebi, resulting in a unique warehousing crisis for the regulator.
During another incident, a man hailing from Gwalior splashed ink on Roy’s face and accused him of being a thief. This incident occurred when Roy was being brought to the Supreme Court, dressed in his signature waistcoat and tie, amidst a chaotic atmosphere.
The Sahara Group had previously stated that it has always focused on effectively utilizing the human resources scattered across India to build its businesses. By providing employment opportunities and work at people’s doorsteps, Sahara has been instrumental in sustaining the livelihoods of over 14 lakh individuals in villages and towns. This makes it the second-largest source of human capital in the country, second only to the Indian Railways. The organization could have utilized this vast workforce to generate even more employment opportunities and contribute to the growth of the nation’s economy, as mentioned in their earlier statement.
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