Subrata Roy , founder of Sahara India passes away

 



Subrata Roy, creator of Sahara India, passed away.  He was 75 years old at the time of his death.  He was suffering from multiple physical problems including cancer for a long time.  On November 12, he was admitted to Kokilaben Dhirubhai Ambani Hospital in Mumbai as his condition worsened.  He breathed his last there on Tuesday.


 Subrata was born on June 10, 1948 in Araria, Bihar.  He graduated in Mechanical Engineering from Gorakhpur Technical Institute.  In 1976, he acquired the defunct chit fund company 'Sahara Finance'.  In 1978 it was renamed 'Sahara Parivar'.  Gradually he established himself as a prominent businessman on the map of India.  Through his hands, Sahara expanded his empire in various fields including financial institutions, housing industry, media and hotel business.  In 1992, he started a Hindi newspaper named 'Rashtriya Sahara'.  A few years later, he started his dream project.  He started the 'Amby Valley Project' covering more than 10,000 acres of land in Pune.  After that he also launched a TV channel.  



Sahara acquired Grosvenor House Hotel in London and Plaza Hotel in New York.  Sahara India is followed after Indian Railways in terms of number of employees.  Number of employees is 12 lakhs.  Time magazine mentions it as the second largest employment medium in India.  Despite the business success, Subrata Roy had to face legal complications. 


Controversy did not leave him behind.  In 2002, Sebi told the Supreme Court that Sahara Group Companies had illegally withdrawn $3.5 billion from the market.  Sahara authorities, however, claim to have provided investment opportunities to millions of Indians who were unbanked.  However, the whereabouts of many investors could not be found in the list provided.

Court ordered creation of joint refund account with SEBI.  Subrata Roy was sent to Tihar jail in March 2014.  He came out on parole in 2016 after being in jail for almost two years.  Since then he was out of jail.



  Despite all this, he did not shy away from taking new initiatives.  In his last life, he looked after the electric car business.


 The famous Sahara India family lost 'Sahara'.  The Sahara India family issued a statement.  It is said, “It is with great sadness that the Sahara India family announces the passing of Subrata Roy.  A visionary man, he was an inspiration to many.  He breathed his last at 10:30 tonight.  Suffered from hypertension, diabetes and metastatic cancer for a long time.  Died of heart attack on this day.  The Sahara India family is saddened by the loss of Subrata Roy.”  Funeral is on Wednesday.

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