NEW DELHI (India CSR): Subrata Roy, the founder and chairman of Sahara India Pariwar, one of the largest conglomerates in India, died on Monday at the age of 74. He was suffering from a prolonged illness and was admitted to a hospital in Mumbai on Sunday, where he breathed his last.
Roy was a self-made billionaire who started his business career in 1978 with a chit fund company and later expanded into various sectors such as finance, media, entertainment, real estate, hospitality, and sports. He was known for his flamboyant lifestyle, philanthropic activities, and close ties with celebrities and politicians. He owned several iconic properties around the world, including the Grosvenor House Hotel in London, the Plaza Hotel and Dream Downtown Hotel in New York, and the Aamby Valley City near Pune.
However, Roy also faced several legal troubles in his career, most notably a long-running dispute with the Securities and Exchange Board of India (SEBI) over the issuance of optionally fully convertible debentures (OFCDs) to millions of investors. He was accused of defrauding the investors of Rs 20,000 crore and was arrested in 2014. He spent more than two years in Tihar jail before being released on parole in 2016. He was still trying to repay the dues to the investors and the regulator at the time of his death.
Roy’s demise has left a void in the Indian business world and has also raised questions about the future of his empire, which employs over a million people. His two sons, Sushanto and Seemanto, are expected to take over the reins of the group, but they may face challenges in managing the diverse and complex businesses and resolving the pending legal issues.
Roy’s funeral will be held in Lucknow, his hometown, on Tuesday. He is survived by his wife Swapna and his two sons. Many prominent personalities from various fields have expressed their condolences and paid tribute to Roy on social media and other platforms.
(India CSR)
