LUCKNOW: Subrata Roy, the founder and Managing Worker of Sahara India Pariwar, passed away on November 14, 2023, at the age of 75 after battling multiple health conditions. His death, resulting from cardiorespiratory arrest, marks the end of an era.
Roy, known as ‘Saharashree,’ leaves behind his wife, Swapna Roy, and two sons. He had been undergoing treatment at Kokilaben Dhirubhai Ambani Hospital and Medical Research Institute in Mumbai since November 12, 2023.
Born on June 10, 1948, in Bihar’s Araria, Roy established a business empire spanning finance, real estate, media, and hospitality. His mortal remains are scheduled to be brought to Sahara City in Lucknow for final respects on November 15, as per a Sahara India Pariwar statement. Roy faced complications arising from metastatic malignancy, hypertension, and diabetes.
Roy’s impact as a guiding force for Sahara India Pariwar leaves behind a legacy and vision of a conglomerate with business interests across a wide spectrum. In 2004, the Time Magazine recognized the Sahara group as the second-largest employer in India after Indian Railways, operating through over 5,000 establishments with a workforce of around 1.2 million.
However, Roy faced legal challenges, leading to his detention in 2014 for failing to appear before the Supreme Court in a dispute with the Securities and Exchange Board of India (SEBI). His arrest in May 2014, evasion of a non-bailable warrant, and subsequent incarceration in Tihar Jail were part of a case involving the non-refund of Rs 20,000 crore to investors. Roy was granted parole in May 2016, and Sahara was allowed to sell a part of its assets in India to address financial obligations.