Sahara Group chief Subrata Roy, aged 75, passed away on Tuesday due to a cardiorespiratory arrest after a prolonged illness, as announced in a company statement. The business tycoon, known for his vast empire in retail, real estate, and financial services, faced controversies and legal battles related to alleged regulatory circumvention in his group firms.
Roy was admitted to Mumbai’s Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute on Sunday, succumbing to health complications. The statement from Sahara India Pariwar expressed deep sadness and hailed him as an inspirational leader, stating, “His loss will be deeply felt by the entire Sahara India Pariwar.”
The group pledged to uphold Roy’s legacy and continue his vision. Despite challenges, including a legal tussle with SEBI over fund refund orders in 2011, the Supreme Court upheld the regulator’s directive in 2012. Sahara Group, however, maintained that it had already refunded over 95% of investors directly and termed the SEBI deposit as “double payment.”
The Sahara Group emphasized its role in generating employment for over 14 lakh people across India and contributing to the economy. Roy faced personal attacks, including an incident where he was called a thief and had ink thrown on him during a Supreme Court appearance in 2014. Despite subsequent legal issues, he was granted bail while challenges persisted for his various businesses.
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