Subrata Roy, the foundr of Sahara Group, has passed away in Mumbai late on Tuesday at the age of 75, succumbing to a cardiorespiratory arrest.
The company released a statement revealing that Roy's demise at 10.30 pm resulted from complications stemming from metastatic malignancy, hypertension, and diabetes, after an extended battle with health issues.
Following a deterioration in his health, Roy was admitted to Mumbai's Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute on Sunday.
The company expressed profound sorrow, stating that his loss would be keenly felt by the entire Sahara India Pariwar. Subrata Roy, a prominent Indian businessman and the founder of Sahara India, led a conglomerate with diverse business interests.
Over the years, he received accolades such as the Businessmen of the Year Award (2002), Best Industrialist Award (2002), Vishisht Rashtriya Udaan Samman (2010), Vocational Award for Excellence (2010) by Rotary International, Karmaveer Samman (1995), Udyam Shree (1994), Baba-E-Rozgar Award (1992), and the National Citizen Award (2001).
In 2012, Roy was recognized among the 10 most influential businessmen in India. However, his tenure was marked by controversy, with the Sahara Group facing regulatory and legal challenges related to alleged circumvention of regulations in the creation of multi-level marketing schemes. Notably, the Securities and Exchange Board of India (Sebi) directed Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) in 2011 to refund funds raised from investors through Optionally Fully Convertible Bonds (OFCDs), citing rule violations.
After a protracted legal process, the Supreme Court on August 31, 2012, upheld Sebi's directive, mandating the refund of investor funds with 15% interest. Sahara was subsequently instructed to deposit an estimated Rs 24,000 crore with Sebi for further reimbursement to investors, despite the group asserting that it constituted "double payment" as it had already directly refunded over 95% of investors.