Renowned business tycoon Subrata Roy, founder of the Sahara Group, passed away on Tuesday night at the age of 74 in Mumbai, following an extended battle with illness. Admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute on Sunday, he succumbed to cardiorespiratory arrest due to complications arising from metastatic malignancy, hypertension, and diabetes. Subrata Roy is survived by his wife, son, and brother.
Born on June 10, 1948, in Bihar's Araria, Subrata Roy pursued mechanical engineering at the Government Technical Institute in Gorakhpur. His entrepreneurial journey began in Gorakhpur, where he initiated his business endeavors. Taking charge of Sahara Finance in 1976, originally a chit-fund company, he successfully transformed it into Sahara India Pariwar, a prominent Indian conglomerate, by 1978.
Under Subrata Roy's leadership, Sahara India Pariwar expanded its influence across diverse sectors, including finance, real estate, media, and hospitality. Notable ventures included Aamby Valley City, Sahara Movie Studios, Air Sahara, Uttar Pradesh Wizards, and Filmy. The conglomerate ventured into finance, real estate, infrastructure, housing, media, entertainment, tourism, and hospitality, overseeing projects ranging from housing developments to large-scale events.
The Sahara group entered the media sector with Rashtriya Sahara, a Hindi newspaper launched in 1992, and expanded into television with Sahara TV, later rebranded as Sahara One.
Subrata Roy received numerous accolades, including the Businessmen of the Year Award and the Best Industrialist Award in 2002. He was honored with the Vishisht Rashtriya Udaan Samman in 2010, Vocational Award for Excellence in 2010, Karmaveer Samman in 1995, Udyam Shree in 1994, Baba-E-Rozgar Award in 1992, and the National Citizen Award in 2001. In 2012, India Today magazine recognized him as one of India's 10 most influential businessmen.
However, in 2014, Subrata Roy faced legal challenges when the Supreme Court ordered his detention for failing to appear in court regarding a dispute with the Securities and Exchange Board of India (SEBI). This marked the beginning of a protracted legal battle, including a period of incarceration in Tihar Jail, from which he was eventually released on parole.
The SEBI's case against the Sahara Group dates back to 2011 when it directed Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to reimburse funds acquired from investors via Optionally Fully Convertible Bonds (OFCDs). Despite Sahara's claims of having refunded a significant portion, the Supreme Court upheld SEBI's mandate in 2012, instructing the companies to refund funds to investors along with interest. Subsequently, Sahara was directed to deposit an estimated ₹24,000 crore with SEBI, leading to ongoing legal battles and challenges for Subrata Roy and his businesses.
The demise of Subrata Roy marks the end of an era in Indian business, leaving a legacy that encompasses both notable achievements and legal controversies.
