Sahara Group Chairman Subrata Roy. File picture
| Photo Credit: The Hindu
Sahara India group chief Subrata Roy Sahara, who had been battling a number of well being points, handed away at a non-public hospital in Mumbai late Tuesday, November 14 night time.
A enterprise baron who began off with a coupon fund enterprise within the late Nineteen Seventies, on the peak of his success, Mr. Roy prevailed over an empire that included an airline, Air Sahara, tv channels, finance and actual property, together with the formidable Amby Valley venture close to Lonavala in Maharashtra.
The Sahara group was as soon as thought of India’s second largest employer after the Indian Railways, with a professed worker base of round 1.2 million, however bumped into hassle with monetary sector regulators over the enterprise mannequin of its finance entity that concerned elevating deposits value hundreds of crores from small-ticket traders.
On Mr. Roy’s demise on the age of 75, the Sahara India Pariwar mentioned: “It is with profound sadness that Sahara India Pariwar [group] informs the demise of our Hon’ble ‘Saharasri’ Subrata Roy Sahara. 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.”
While Air Sahara, that started operations in 1993, was finally offered off to the erstwhile Jet Airways, the Sahara group’s finance enterprise’ troubles with the Securities Exchange Board of India (SEBI) had led to Mr. Roy spending a while in jail earlier than being launched on parole. The group’s battle with SEBI continues to fester.
Mr. Roy, who most popular to name himself the Managing Worker and Chairman of the Sahara India group, was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute (KDAH) on November 12, following “a decline in his health”, the group’s spokesperson mentioned.
