Subrata Roy - Founder of Sahara Group Dies at 75
Sahara Group founder & MD, Subrata Roy died on 14th November 2023 at Mumbai’s Kokilaben Dhirubhai Ambani Hospital.
The founder of the Sahara Group, Subrata Roy died on 14th November 2023 at 10:30 pm at Mumbai’s Kokilaben Dhirubhai Ambani Hospital. Roy was battling diabetes, high blood pressure, and cancer for a long time and died due to the sudden loss of breathing & heartbeat caused by these diseases. Roy was born in Bihar and had a wife & 2 sons. He was an unorthodox & independent thinker. He was the first businessman in his family and raised his international business empire across the finance, real estate, media, health & hospitality sectors. During the peak of his business, an estimated 12 lakh employees worked under Roy. This made Sahara Group the second-largest employer in India in 2004. Sahara Group was the official sponsor of the Indian Cricket Team for 11 years. India Today magazine named Roy one of India's most influential businessmen in 2012. But in 2011, some of Roy’s companies under the Sahara Group faced legal battles with SEBI – Security Exchange Board of India. After the change in regulation, SEBI asked Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to refund the money raised from investors.After the legal battle, the Supreme Court asked both Sahara companies to refund the money with 15% interest i.e. Rs. 24,000/- crore. In 2014, Roy failed to appear for the hearing and therefore the Supreme Court ordered his immediate detention. Roy spent more than 2 years in Delhi’s Tihar jail and was later released on parole in May 2016. The case is still going and the government has not recovered the Rs 24,000 crores. The Sahara group has expressed their grief through an official statement on Roy’s death and has mentioned that the details of his last rites will be communicated in due time.