Sahara Group founder Subrata Roy dies at the age of 75
Subrata Roy
Sahara Group founder businessman Subrata Roy has died aged 75. Subrata Roy was a major name in the Indian business fraternity. Born on June 10, 1948, Subrata Roy established a huge business empire with companies in a number of sectorsranging from media, real estate,hospitality, and more.
Roy was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai on Sunday (November 12) after his health declined.
In its official press statement, Sahara India Pariwar said that Roy passed away on November 14 at 10:30 pm due to cardiorespiratory arrest. The statement added that he fought a long battle with metastatic malignancy, hypertension and diabetes.
Roy was born in Araria, Bihar. He earned a degree in mechanical engineering from Government Technical Institute in Gorakhpur.He had the mind of a businessman and in 1976 took over Sahara Finance, which was then a chit-fund company that was struggling.Within a matter of two years, Subrata Roy transformed the company into Sahara India Pariwar, headquartered in Lucknow, Uttar Pradesh.The company would later go on to become one of India's largest conglomerates.
Subrata Roy diversified the business into various sectors. In the year 1992, the group launched Rashtriya Sahara, a Hindi-language newspaper. It also ventured into the television space with Sahara TV which was renamed Sahara One.
The diversification and size of Sahara India Pariwar can be measured by the fact that Time magazine once called the conglomerate second-largest employer in India after Indian Railways.
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However, for his success in business, Roy faced a great deal of legal troubles as well along with several allegations of wrongdoings. Supreme Court of India ordered Subrata Roy's detention in 2014 as he failed to appear before the court over a dispute with the Securities and Exchange Board of India (SEBI).
This further led to a prolonged legal battle which even resulted in him spending time in Tihar jail in Delhi.
Condolences have started trickling in after the news of his death.
As per reports, his remains will be brought to Lucknow on Wednesday for the last rites.