Sahara Group Mourns the Loss of Chairman Subrata Roy at 75
In a somber announcement, the Sahara Group revealed the passing of its Chairman and Managing Worker, Subrata Roy, known affectionately as ‘Saharasri.’ The 75-year-old visionary breathed his last due to cardiorespiratory arrest at the Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai.
Subrata Roy played an instrumental role in transforming the Sahara Group into a colossal conglomerate with diversified interests encompassing retail, real estate, financial services, aviation, and media. The group’s statement expressed deep sorrow at losing an “inspirational leader and visionary.”
Despite facing controversies and legal battles, Saharasri’s impact on India’s business landscape was profound. His rags-to-riches entrepreneurial journey resulted in Sahara owning iconic global properties such as the Plaza Hotel in New York and Grosvenor House in London.
Subrata Roy’s contributions extended beyond business, including the sponsorship of Indian cricket and hockey teams, ownership of a Formula One racing team, and hosting grand weddings for his sons, which became major events in India.
The Sahara Group emphasized its commitment to preserving Roy’s legacy and continuing his vision for the organization. The statement acknowledged Subrata Roy’s significant influence as a mentor and a source of inspiration for the group.
Roy’s legal troubles began in 2010 when the Securities and Exchange Board of India (SEBI) restrained Sahara Group entities from mobilizing funds. Subsequently, he faced arrest in 2014 in connection with a contempt case related to non-refund of funds to investors. The legal battles continued over refunding deposits to investors, with the Supreme Court ordering Sahara to deposit an estimated Rs 24,000 crore with SEBI for further refunds.
In essence, Subrata Roy’s life and career, marked by achievements and controversies, have left an indelible mark on India’s corporate history. His larger-than-life persona and the Sahara Group’s endeavors will be remembered as a significant chapter in the country’s business narrative.