Subrata Roy Sahara Death, NEWS, Refund, Net Worth, Jail : Subrata Roy, a notable figure in retail, real estate, and finance, peacefully left us at Mumbai’s Kokilaben Hospital following health complications and a cardiorespiratory arrest. His journey was marked by both successes and challenges, including legal disputes over purported Ponzi schemes. Despite controversies, Roy made significant contributions to various industries. His legacy extends beyond the courtroom, leaving an indelible mark on the business world. We remember him for his achievements and the complexities that defined his path.
Subrata Roy Sahara
Subrata Roy (June 10, 1948 – November 14, 2023) was a visionary Indian entrepreneur, best known for founding Sahara India Pariwar in 1978. Sahara India Pariwar encompassed diverse ventures like Aamby Valley City, Sahara Movie Studios, and Air Sahara. Roy, recognized as the tenth-most influential Indian businessman in 2012, led Sahara to be hailed as India’s second-largest employer by Time magazine in 2004.
With over 5,000 establishments nationwide, Sahara employed approximately 1.2 million individuals, both in the field and office. Roy’s legacy as a dynamic business leader and his contributions to various sectors continue to resonate in India’s business landscape.
Subrata Roy Sahara Overview
|Name||Subrata Roy Sahara|
|Birth Date||10 June, 1948|
|Death||14 November, 2023|
|Birth Place||Araria, Bihar|
Subrata Roy Sahara Death
The visionary founder of Sahara India Group, Subrata Roy, passed away at 75 due to cardiorespiratory arrest, as announced by the company. He was admitted to Mumbai’s Kokilaben Dhirubhai Ambani Hospital on Sunday and succumbed to health complications on Tuesday, November 14, at 10.30 pm. Sahara Group revealed his prolonged battle against metastatic malignancy, hypertension, and diabetes. Describing him as an “inspirational leader,” the company expressed profound sadness at the loss of their Hon’ble ‘Saharasri.’ In a statement, Sahara India Pariwar remembered Subrata Roy as a Managing Worker and Chairman, acknowledging his significant contributions.
Subrata Roy Sahara Refunds
In 2011, SEBI instructed Sahara Group’s firms, Sahara India Real Estate Corporation Ltd (SIREL) and Sahara Housing Investment Corporation Ltd (SHICL), to refund funds to 3 crore investors for violating rules with Optionally Fully Convertible Debentures (OFCDs). The Supreme Court upheld SEBI’s decision in 2012, requiring Sahara to deposit ₹24,000 crore for investor refunds. As of March 31, 2023, SEBI has recovered ₹15,646.68 crore, deposited in nationalized banks per the SC’s judgment. The total in nationalized banks now stands at ₹25,163 crore, including accrued interest for eligible bondholders.
Subrata Roy Sahara Net Worth
Beginning with a humble capital of Rs 2,000 in 1978, Roy’s journey led to the creation of Sahara India within a decade. The Group, boasting 9 crore investors and customers, claims a net worth of Rs 259,900 crore. With 5,000 establishments and a substantial land bank spanning 30,970 acres, Roy’s entrepreneurial spirit transformed a modest start into a significant financial entity. The official website provides insights into the group’s expansive reach and impact.
Subrata Roy Sahara NEWS
Sahara India Pariwar announced with deep sorrow the passing of their revered leader, ‘Saharasri’ Subrata Roy Sahara, on November 14, 2023, at 10:30 pm. His departure was a result of cardiorespiratory arrest after bravely confronting health challenges from metastatic malignancy, hypertension, and diabetes. Subrata Roy, an inspiration and visionary, faced a tumultuous legal journey, notably in 2014 when the Supreme Court detained him for not appearing in a dispute with SEBI. This led to a prolonged legal battle, including a stint in Tihar Jail, until his eventual release on parole. The Sahara family mourns the loss of a remarkable individual.
Subrata Roy Sahara Jail Controversy
In 2010, National Housing Bank passed on allegations against Sahara Group to SEBI, leading to a public fundraising ban. In 2012, the Supreme Court found Sahara Group in violation of SEBI laws, ordering a Rs 24,029 crore refund to investors with 15 percent interest. Subrata Roy, facing jail, claimed the funds helped those without banking access. Roy spent over two years in jail but has been on parole since May 6, 2017, initially granted for his mother’s funeral. Despite legal battles, the controversy surrounding alleged Ponzi schemes marked Roy’s career in retail, real estate, and finance. Today, we remember his contributions and challenges.