Subrata Roy, Founder Of The Sahara Group, Dies At 75

Subrata Roy, the esteemed founder of Sahara Group, passed away at the age of 75 in Mumbai on Tuesday after a prolonged battle with health issues. Roy had been under treatment at a local private hospital for an extended period.

The mortal remains of Sahara Group Chairman Roy are scheduled to be transported to Lucknow, Uttar Pradesh, for his final rites on Wednesday.

As per the company's official statement, his passing at 10:30 pm was due to cardiorespiratory arrest, resulting from complications arising from metastatic malignancy, hypertension, and diabetes. His health had declined, leading to his admission to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute (KDAH) on Sunday.

"Sahara India Pariwar deeply mourns the loss of our esteemed 'Saharasri' Subrata Roy Sahara. An inspirational leader and visionary, Saharasri ji's passing on 14th November 2023 at 10:30 pm was a result of cardiorespiratory arrest following an arduous battle against various complications," stated Sahara India Pariwar.

"The entire Sahara India Pariwar feels a profound sense of loss. Saharasri ji was a guiding light, a mentor, and an enduring source of inspiration for all fortunate enough to collaborate with him," the group expressed in their tribute.

The Samajwadi Party expressed condolences, wrote, ''Sahara Shri Subrata Roy Sahara Ji's demise is extremely saddening. May God grant peace to his soul. May the grief-stricken family receive the strength to endure this immense loss. Heartfelt condolences!''

Roy, the visionary behind Sahara India Pariwar, served as its founder and chairman, overseeing a conglomerate with diversified business interests.

Sahara India Pariwar held stakes in several sectors, spanning finance, real estate, infrastructure, housing, media and entertainment, tourism, and hospitality.

However, despite his accomplishments in the business realm, Roy encountered legal hurdles in 2014 with the market regulator SEBI due to certain investment schemes that were ultimately deemed unlawful. This led to his imprisonment in Tihar Jail for over a year following a Supreme Court order stemming from his failure to appear in court regarding a dispute with the Securities and Exchange Board of India (SEBI).

The dispute revolved around SEBI's insistence for Sahara to reimburse billions to investors, prompting the Supreme Court to establish a dedicated "Sahara-Sebi refund account" for this specific purpose.