Sahara Group Chairman Subrata Roy. File picture
| Picture Credit score: The Hindu
Sahara India group chief Subrata Roy Sahara, who had been battling a number of well being points, handed away at a personal hospital in Mumbai late Tuesday, November 14 night time.
A enterprise baron who began off with a discount fund enterprise within the late 1970s, 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-about 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 price 1000’s of crores from small-ticket buyers.
On Mr. Roy’s demise on the age of 75, the Sahara India Pariwar mentioned: “It’s with profound unhappiness that Sahara India Pariwar [group] informs the demise of our Hon’ble ‘Saharasri’ Subrata Roy Sahara. Saharasri ji an inspirational chief and visionary, handed away on 14th November 2023 at 10.30 pm resulting from cardiorespiratory arrest following an prolonged battle with problems arising from metastatic malignancy, hypertension, and diabetes.”
Whereas 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 Alternate 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 Employee and Chairman of the Sahara India group, was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Analysis Institute (KDAH) on November 12, following “a decline in his well being”, the group’s spokesperson mentioned.