Today, the business world mourns the loss of Sahara Group’s founder and Chairman, Subrata Roy, who passed away at the age of 75. After battling a prolonged illness, Roy breathed his last at a Mumbai hospital. As the visionary behind Sahara India Pariwar, his journey from a humble beginning in Bihar to establishing a formidable business empire is a testament to his entrepreneurial spirit.
Early Life and Entrepreneurial Journey
Born in Araria, Bihar, in 1948, Subrata Roy embarked on his entrepreneurial journey in 1978 with Sahara India Pariwar. Armed with a mere capital of ₹2,000, he laid the foundation for what would later become a pioneering conglomerate. His family’s move to Gorakhpur, Uttar Pradesh, and his subsequent shift to Lucknow in the 1990s marked key milestones in Sahara’s growth.
Challenges and Success
Despite Sahara India Pariwar’s significant success, it faced challenges, notably the “Sahara chit fund scam.” The legal battle over funds became a prominent chapter in Roy’s legacy, with the Supreme Court ruling against an investor scheme in 2012. This triggered investigations by the Securities and Exchange Board of India (SEBI) and the Himachal Pradesh High Court into alleged money laundering by the group.
Health Struggles and Passing
Subrata Roy’s health had been deteriorating, leading to his admission to the Kokilaben Dhirubhai Ambani Hospital and Medical Research Institute in Mumbai. The company confirmed his passing due to a cardiorespiratory arrest, following complications arising from metastatic malignancy, hypertension, and diabetes.
Legacy and Commitment
Sahara, in an official statement, expressed its commitment to upholding Saharasri’s (as Subrata Roy was affectionately known) legacy. The company pledged to continue honoring his vision in driving the organization forward. Subrata Roy is survived by his wife Swapna Roy and two sons, Sushanto Roy and Seemanto Roy, who reside abroad.
Tributes and Reflections
Leaders and public figures, including Samajwadi Party chief Akhilesh Yadav, mourned the loss of Subrata Roy. Describing him as a successful businessman with a compassionate heart, Yadav acknowledged Roy’s contributions to both Uttar Pradesh and the nation.
Despite the challenges and legal battles, Sahara remains a significant player in various sectors. Earlier this year, a Supreme Court order paved the way for depositors to claim refunds through a dedicated website. The government assured depositors that steps would be taken to address the financial impact of the Sahara scam.