Founder of Sahara Group Subrata Roy Passes away At 75
Subrata Roy, founder of Sahara Group and owner of former Indian Premier League (IPL) franchise Pune Warriors India, Was passed away At age of 75 in Mumbai on Tuesday after prolonged illness.
He passed away at the hospital at 10.30 PM on Tuesday due to a cardiorespiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension and diabetes, the statement added.
According to a company statement, he was admitted to the Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai on Sunday after his health deteriorated.
About Sahara Group
One prominent case involved the Securities and Exchange Board of India (Sebi) ordering Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) in 2011 to refund money raised from investors through certain bonds called Optionally Fully Convertible Bonds (OFCDs). Sebi found that the funds were raised in violation of its rules.
After a lengthy legal process, the Supreme Court upheld Sebi’s directive on August 31, 2012, instructing the two firms to refund the money to investors along with 15 percent interest. Sahara was then asked to deposit around Rs. 24,000 crore with Sebi for further refunds, despite the group arguing that it had already refunded over 95 percent of investors directly.
In 2014, an order to arrest Roy was issued when he failed to appear before the Supreme Court in a contempt case related to the non-refund of Rs. 20,000 crore to investors by two of his companies.
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Things To Know About Founder Of Sahara Group Subrata Roy
Subrata Roy, a prominent figure in the business world, passed away at the age of 75. Back in 2012, he gained recognition as one of India’s influential businessmen according to India Today magazine. The Sahara Group, led by Roy, was acknowledged by Time magazine in 2004 as “the second-largest employer in India” with a workforce of 1.2 million, trailing only behind the Indian Railways.
Roy had successfully built a vast business empire spanning retail, real estate, and financial services. However, challenges arose when his companies became entangled in a legal dispute with SEBI. In 2011, SEBI ordered Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to refund money raised from investors through Optionally Fully Convertible Bonds (OFCDs), later deemed illegal.
After a series of legal battles, the Supreme Court, in 2012, upheld SEBI’s ruling, instructing Roy’s firms to repay the investors with a 15% interest, amounting to ₹24,000 crore. Subsequently, in 2014, the Supreme Court ordered Roy’s detention when he failed to appear in connection with the SEBI case. Roy was later granted bail.
In March 2014, during a court appearance, a man from Gwalior threw ink on Subrata Roy. Notably, Sahara’s assets, at one point, included prestigious properties such as New York’s Plaza Hotel and London’s Grosvenor House. Additionally, Subrata Roy was a co-owner of the former Force India Formula One team.
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