Sahara Group Founder Subrata Roy Passes Away at 75: 7 Key Facts to Know

Subrata Roy, the visionary behind the expansive Sahara Group business empire, succumbed to a cardiorespiratory arrest on Tuesday at the age of 75. His demise followed a prolonged illness, and he had been admitted to Mumbai’s Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute on Sunday. The Sahara Group announced his passing at 10:30 pm on Tuesday, November 14.

In a statement, the company revealed that Subrata Roy’s death resulted from complications stemming from metastatic malignancy, hypertension, and diabetes. Describing him as an “inspirational leader and visionary,” Sahara India Pariwar conveyed deep sadness at the loss of their Managing Worker and Chairman.

Seven Key Points About Subrata Roy:

1. Recognition as Influential Businessman: In 2012, Subrata Roy was acknowledged as one of India’s most influential businessmen by India Today magazine.
2. Sahara Group’s Workforce: Time magazine, in 2004, recognized the Sahara Group as “the second-largest employer in India,” boasting a workforce of 1.2 million. The top position was held by the Indian Railways.
3. Diversified Business Empire: Subrata Roy had successfully built a vast business empire spanning retail, real estate, and financial services sectors.
4. Legal Troubles with SEBI: Legal challenges arose for Subrata Roy’s companies in 2011 when the Securities and Exchange Board of India (SEBI) ordered Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to refund money raised from investors through Optionally Fully Convertible Bonds (OFCDs), later deemed illegal.
5. Supreme Court Verdict: In 2012, the Supreme Court upheld SEBI’s ruling, directing Subrata Roy’s firms to refund the collected money to investors along with 15% interest, amounting to ₹24,000 crore.
6. Detention and Bail: In 2014, the Supreme Court ordered Subrata Roy’s detention when he failed to appear in court regarding the SEBI battle. He was later granted bail.
7. Ink Attack Incident: In March 2014, Subrata Roy faced an ink attack in Gwalior when a man threw ink on him during a Supreme Court appearance.

Additionally, Sahara’s assets, including New York’s Plaza Hotel and London’s Grosvenor House, were noted, and Subrata Roy served as co-owner of the former Force India Formula One team.