Subrata Roy, the visionary founder of Sahara Group, breathed his last on Tuesday, 14th November 2023, succumbing to a heart attack at Kokilaben Dhirubhai Ambani Hospital in Mumbai. At the age of 75, Roy had established a vast business empire spanning sectors such as khudra (consumer goods), real estate, and financial services.
According to statements, Subrata Roy had been battling various ailments, including high blood pressure and diabetes, for an extended period. His heart attack occurred around 10 PM, leading to his untimely demise. The Sahara India family, in a statement, expressed deep sorrow, announcing the passing of their revered leader, ‘Saharashri’ Subrata Roy.
The statement highlights Roy’s role as an inspirational leader and philanthropist, describing him as a guiding force, protector, and source of motivation for the Sahara India family. Sahara Group is committed to preserving Roy’s legacy and honoring his perspectives in advancing the organization.
In 2011, the Securities and Exchange Board of India (SEBI) had ordered Sahara India Real Estate Corporation Limited (SIRCL) and Sahara Housing Investment Corporation Limited (SHICL) to repay funds collected from investors. The regulator determined that both companies had violated its rules and regulations in raising funds.
The Supreme Court upheld SEBI’s directives on August 31, 2012, instructing the companies to repay the funds with a 15% interest rate. Sahara was required to deposit an estimated INR 24,000 crores with SEBI for investor refunds. Despite Sahara Group’s claims of having already repaid over 95% of investors, the legal battle continued.
Subrata Roy’s final rites are anticipated to take place in Lucknow on Thursday, 16th November 2023. His mortal remains are expected to be brought to Lucknow today, Wednesday, 15th November.
Samajwadi Party leader Akhilesh Yadav expressed grief over Subrata Roy’s demise, acknowledging his success as an entrepreneur and compassionate individual. Chief Minister Yogi Adityanath of Uttar Pradesh also mourned Roy’s passing, offering condolences to the bereaved family. This marks the end of an era, and we extend heartfelt condolences to those mourning the loss of a dynamic business leader and philanthropist.
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