Subrata Roy, the founder of Lucknow-based Sahara Group, died at the age of 75 on Tuesday. The company announced that he died from cardiorespiratory arrest at 10:30 pm following an extended battle with complications related to metastatic malignancy, hypertension, and diabetes.
"It is with profound sadness that Sahara India Pariwar informs the demise of Hon'ble 'Saharasri' Subrata Roy Sahara, Managing Worker and Chairman, Sahara India Pariwar," read the statement issued by 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," it added further.
Born on June 10, 1948 in Bihar's Araria, Subrata Roy Sahara began his journey as businessman in 1976 with Sahara Finance, a chit fund company. He founded the Sahara India Pariwar, and the group's employees used to address him as Sahara Shri.
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. His enterprise went on to own landmark global properties, including New York's Plaza Hotel and London's iconic Grosvenor House.
Under Roy's leadership, Sahara also sponsored the Indian cricket and hockey teams and owned a Formula One racing team.
However, troubles for Roy began when Sahara 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 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 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.
Roy had made the Sahara Group a multi-billion dollar enterprise that counted itself among the biggest employers of the country.
He was also known to have friends among the famous and powerful across the fields of politics and Bollywood.
(With agencies inputs)
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