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Subrata Roy, maverick founder of Sahara Group, dies in Mumbai | News from India

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LUCK NOW: Subrata Roythe founder of Lucknow Sahara Group, passed away at 10:30 p.m. on Tuesday at Kokilaben Dhirubhai Ambani Hospital and Medical Research Institute (KDAH), Mumbai. He was 75 years old. Roy is survived by his wife Swapna Roy and his sons, Sushanto Roy and Seemanto Roy.
Born on June 10, 1948 in Araria, Bihar, Roy was a maverick face of India Inc and preferred to be called a ‘worker leader’ and his group a ‘pariwar’, which numbered around 1.2 million workers at its peak . A current generation entrepreneur, he built a business empire that spanned various sectors including finance, real estate, aviation, media, healthcare and hospitality. The group was the sponsor of the Indian cricket team for 11 years.
His later years, however, were noted for his brushes with the law. In March 2014, the Supreme Court ordered his detention for failure to appear in court in a dispute with the Securities and Exchange Board of India (Sebi), which wanted the group to return billions of dollars of their money. investors. Roy had to spend a little over two years in Tihar jail until he was released on parole in May 2016. The Supreme Court has now created a ‘Sahara-Sebi Reimbursement Account’ for this purpose.
“It is with deep sadness that Sahara India Pariwar informs about the demise of our honorable “Saharasri” Subrata Roy Sahara, Director and Chairman of Sahara India Pariwar. Saharasri ji, an inspirational and visionary leader, passed away on November 14, 2023 at 10:30 p.m. due to cardiorespiratory arrest following a long battle with complications arising from metastatic malignancy, hypertension and diabetes,” a Sahara India Pariwar said in its statement.
Roy had been admitted to Kokilaben Hospital in Mumbai on November 12 after a sudden deterioration in his health. “Details regarding the last rites will be communicated in due course,” the statement said.
Roy’s journey as an entrepreneur began in Gorakhpur where he took over a small mutual fund company in 1976 and turned it around within two years to establish Sahara India Pariwar, which became one of the largest conglomerates of the country at the turn of the century.
Besides establishing a newspaper and television channels, he launched the Aamby Valley City project between Pune and Mumbai in the 1990s and acquired properties such as the Grosvenor House Hotel in London and the Plaza Hotel in New York. He was also a co-owner of the Force India F1 team with Vijay Mallya. He then bought it and named it Sahara Force India.
“Saharasri ji was…a source of inspiration to all those who had the privilege of working alongside him,” the group’s statement said.
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