Birthplace: Araria, June 10, 1948
Death Date: 14 November 2023
Offspring: Seemanto Roy and Sushanto Roy
Partner: Swapna Roy
Established Companies: JetLite, Sahara India Group; Awards: ISOEN for Television’s ITA Award
According to a statement from the firm, Sahara Group CEO Subrata Roy passed unexpectedly on Tuesday from cardiorespiratory arrest at a Mumbai hospital. He fought diabetes, high blood pressure, and metastatic lethality for a long time before passing away at the age of 75.
Roy, who was well-known for his contentious forays into politics, business, and the financial sector, claimed to be the protector of the Sahara India family. He spent several decades building Sahara India, beginning in 1978 with a meager investment of just 2000. According to the group’s website, it has 5,000 establishments, 30,970 acres of land, and 9 crore investors and customers with a total worth of ₹259,900 crore.
Millions of poor and rural Indians had their money collected by Roy’s business, which went beyond traditional banking services. Unfortunately, his legal issues stemmed from his clashes with SEBI, the market regulator, and involved recovering nearly 24,000 crore from three crore persons.
An aspirational businessman, Roy had held opulent hotels in London and New York, an airline, and teams in the Formula One and Indian Premier Leagues of cricket. After selling Air Sahara to Jet Airways, he saw the airline go out of business.
He was a “friend” of all the major political parties, and he welcomed movie stars on his shows. His ties to Mulayam Singh Yadav and the Samajwadi Party have become stronger in recent years. His ties were strengthened even more when Mulayam Singh was elected Uttar Pradesh’s chief minister in December 1993. Additionally, he had a tight relationship with Amar Singh, Mulayam Singh’s main aide.
Due to his failure to pay 10,000 crore, Roy was incarcerated on March 4, 2014. After receiving ₹5,000 crore in cash and ₹5,000 crore as a bank guarantee, the court ruled that he could only be freed after this. Approximately three crore application forms and two crore redemption vouchers were transported by Sahara in 127 trucks to the SEBI office in 2013.
He was granted parole in 2016 after serving more than two years in prison. In light of the property status difficulties, the Supreme Court subsequently returned him to prison. Most of the properties scheduled for auction, including those owned by Sahara India firms, have been put up for auction by the Income Tax Department.
Regarding the issuance of Optionally Fully Convertible Debentures by two Sahara India firms, Roy was engaged in a legal dispute with the market regulator SEBI. 2010 saw SEBI forbid Sahara’s two businesses and Roy from taking public payments.
Just 4,600 investors requested refunds in 2014, it was discovered. The regulator found it difficult to pinpoint the investors.
Following his passing, Sahara India released the following statement: “On November 14, 2023, at 10:30 PM, Saharasri ji, an inspirational leader and visionary, passed away due to complications arising from a prolonged battle with cardiorespiratory arrest, high blood pressure, and metastatic lethality.” diabetics. He was admitted to Kokilaben Dhirubhai Ambani Hospital and Medical Research Institute (KDAH) on November 12, 2023, following a deterioration in his health.
