Sahara Group founder Subrata Roy passes away

Subrata Roy, founder of the Sahara Group, an all-inclusive business empire that spanned sectors, including finance, real estate, aviation, media, health and hospitality, passed away on Tuesday. He breathed his last at the Kokilaben Dhirubhai Ambani Hospital and Medical Research Institute in Mumbai at 10.30 pm. He was 75. 

Roy was admitted to Kokilaben Hospital on 12 November following a sudden failure of health conditions. He is survived by wife Swapna Roy and sons, Sushanto Roy and Seemanto Roy.

A statement issued by Sahara India Pariwar said, "It is with profound sadness that Sahara India Pariwar informs the demise of our Hon’ble ‘Saharasri’ Subrata Roy Sahara, managing worker and chairman, Sahara India Pariwar. Saharasri ji, an inspirational leader and visionary, passed away on November 14, 2023 at 10.30pm due to cardiorespiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes,” adding that details regarding last rites will be communicated in due course.

Born in Araria, Bihar, on 10 June 1948, Roy raised a business group that once employed 1.2 million people. A maverick entrepreneur, Roy preferred to be called 'managing worker' of the Sahara Pariwar.

However, Roy in his later years, saw his business empire fading into nothing after a prolonged legal battle with the Securities and Exchange Board of India (Sebi), which ordered the group to refund billions of investors their money.

In March 2014, the Supreme Court ordered his detention for failure to appear in court in connection with the dispute and Roy was confined to Tihar Jail for more than two years. He was released on parole in May 2016. 

The Supreme Court had since set up a "Sahara-Sebi refund account" for reclaiming investor money.

Roy started off by taking over a small chit fund company in Gorakhpur in 1976. He turned it around within two years and from it raised the Sahara India Pariwar.

Roy then branched out his business to areas like media, which included a newspaper and TV channels. He entered the real estate business in 1990 through the Aamby Valley City project in Pune and Mumbai and by acquiring properties such as London’s Grosvenor House Hotel and NYC’s Plaza Hotel. He was co-owner of Force India F1 team with Vijay Mallya, which he later bought and rechristened as Sahara Force India.

“Saharasri ji was...a source of inspiration for all who had the privilege to work alongside him,” the group’s statement said.