Subrata Roy, the founder and chairman of Sahara India Pariwar, passed away on Wednesday, November 14. He was 75. He is survived by his wife, Swapna Roy, and his two sons, Sushanto Roy and Seemanto Roy.
In a statement, the Sahara group said, “Saharasri ji an inspirational leader and visionary, passed away on 14th November 2023 at 10.30 pm due to cardiorespiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes. He was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute (KDAH) on November 12 2023, following a decline in health.”
“Sahara India Pariwar is committed to upholding Saharasri’s legacy and will continue to honour his vision in driving our organisation,” the company said.
Samajwadi Party chief and former UP Chief Minister Akhilesh Yadav posted on X, “The death of Shri Subrata Roy ji is an emotional loss for Uttar Pradesh and the country because along with being a very successful businessman, he was also a very sensitive person with a big heart who helped countless people and became their support,”
A Successful Entrepreneur
Subrata Roy’s success story serves as a source of inspiration to countless entrepreneurs across India. Born in Araria, Bihar, in 1948 to a Bengali Hindu family, Roy completed his early studies at Holy Child Institute in Kolkata and later studied mechanical engineering at Government Technical Institute, Gorakhpur. He started his first business in Gorakhpur before joining Sahara Finance in 1976, a struggling company that ran a chit fund. He took over the company in 1978, changed it to Sahara India Pariwar, and changed its financial model completely.
Roy shifted to Lucknow in the 1990s and made it the base of his operations. From that point on, his business empire grew exponentially, growing to cover a diversified range of interests ranging from financial services, education, real estate, media, entertainment, tourism, healthcare, and hospitality.
He went on to start a Hindi language newspaper, Rashtriya Sahara, in 1992, as well as a TV channel called Sahara TV (later renamed Sahara One) in the 2000s.
His ambitious Aamby Valley City project near Pune was initiated in the late 1990s. He also purchased some iconic properties like the Grosvenor House Hotel in London and, in 2012, the historic Plaza Hotel and Dream Downtown Hotel in New York City.
Legal Troubles
Roy has faced significant challenges throughout his career. In 2021, the Securities and Exchange Board of India and the Himachal Pradesh High Court asked the Enforcement Directorate to investigate alleged money laundering by the Sahara group. He faced a detention order in 2014 for failing to appear before the courts concerning the legal dispute with SEBI. The prolonged legal battle after this led to Roy spending time in Tihar Jail.
A website was launched earlier this year where depositors of the Sahara Group of Cooperative Societies can claim their refund in 45 days. This website was launched following a Supreme Court order in March that stated that ₹ 5,000 crore had to be transferred from the “Sahara-SEBI Refund Account” to CRCS to depositors invested in the Sahara Cooperative Societies.
Even with all his legal troubles, his contributions to the business world in India cannot be overlooked. He has received numerous recognitions and awards, including an honorary doctorate in business leadership from the University of East London and the Business Icon of the Year award at the Powerbrands Hall of Fame Awards in London. He was also a constant presence in the list of the most powerful people in India.
