• Friday, May 24, 2024

Business

India’s Sahara Group chief Subrata Roy dies at 75

Sahara’s assets at one point of time included New York’s Plaza Hotel and the Grosvenor House in London

FILE PHOTO: Sahara Group Chairman Subrata Roy speaks during a news conference in Kolkata November 29, 2013. REUTERS/Rupak De Chowdhuri

By: Pramod Thomas

EMBATTLED Sahara conglomerate chief Subrata Roy died on Tuesday (14) due to cardiorespiratory arrest, the company said in a statement. He was 75.

Roy was admitted to a hospital in Mumbai on Sunday (12) and died following complications arising from metastatic malignancy, hypertension and diabetes, according to the company.

“It is with profound sadness that Sahara India Pariwar informs the demise of our Hon’ble ‘Saharasri’ Subrata Roy Sahara, Managing Worker and Chairman, Sahara India Pariwar,” the group said in the statement.

Calling him an “inspirational leader and visionary”, the statement said, “His loss will be deeply felt by the entire Sahara India Pariwar. Saharasri ji was a guiding force, a mentor, and a source of inspiration for all who had the privilege to work alongside him.”

Sahara, once the sponsor of India’s national cricket team, had been embroiled in a battle with market regulator SEBI over repaying billions of dollars to investors who put their money in a bond scheme that was later ruled to be illegal.

Roy, the founder and chairman of Sahara, was arrested in March 2014 for failing to attend a contempt of court hearing and was on bail since 2016. He had denied any wrongdoing.

Sahara’s assets at one point of time included New York’s Plaza Hotel and the Grosvenor House in London. Roy was also co-owner of the former Force India Formula One team.

Sahara and Roy had been in the spotlight in 2020 after they got a district court to stall the release of Netflix’s series Bad Boy Billionaires featuring Roy, among others, claiming it would damage his reputation.

Netflix later released the show after the court lifted its injunction.

Having scripted one of the most famous rags-to-riches stories of the country, Roy went on to expand his business across various sectors ranging from finance, housing, manufacturing, aviation and the media and became a household name.

(Agencies)

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