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PremiumSubrata Roy news: Subrata Roy, the founder of Sahara India Group, passed away on Tuesday due to cardiorespiratory arrest, said the business group in a statement. He was 75 years old. Subrata Roy was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai on Sunday after his health deteriorated. He died at 10.30 pm on Tuesday, November 14. In a statement, the Sahara Group said Subrata Roy died following an extended battle with complications arising from metastatic malignancy, hypertension and diabetes. Calling him an “inspirational leader and visionary", the company said, “It is with profound sadness that Sahara India Pariwar informs the demise of our Hon'ble 'Saharasri' Subrata Roy Sahara, Managing Worker and Chairman, Sahara India Pariwar." Subrata Roy death news LIVE updates
The undistributed funds totalling over ₹25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after Sahara Group's chief Subrata Roy died on Tuesday. Roy passed away in Mumbai on Tuesday night at the age of 75 after battling a prolonged illness.
In 2011, capital markets regulator Sebi ordered two Sahara Group firms -- Sahara India Real Estate Corporation Ltd (SIREL) and Sahara Housing Investment Corporation Ltd (SHICL) -- to refund the money raised from nearly 3 crore investors through certain bonds known as Optionally Fully Convertible Bonds (OFCDs).
Subrata Roy, the founder of Sahara Group, took his last breath on Tuesday. He passed away at night due to a cardiorespiratory arrest after a prolonged illness. He was 75.
Ace badminton player PV Sindhu, on Wednesday, wrote a message for Sahara India Group founder Subrata Roy after his demise on Tuesday night.
“Rest in peace, dear uncle. Cherishing fond memories of the time spent with you and aunty every time I visited Lucknow. You always treated me with nothing but love, affection, and respect. My heartfelt condolences to Swapna aunty, the family, and the extended Sahara family during these tough times," wrote PV Sindhu on X.
Samajwadi Party chief Akhilesh Yadav, in a post on X on Tuesday, said, "The demise of Subrata Roy is a loss for Uttar Pradesh and the country because along with being a very successful businessman, he was also a very sensitive person with a big heart who helped countless people and became their support. Heartfelt tribute!"
Subrata Roy death news: Actor Ritesh Deshmukh mourned the demise of the founder of Sahara India Group, Subrata Roy.
Subrata Roy death news: UP CM Yogi Adityanath expressed condolences chief Subrata Roy's demise. He said, “The demise of Sahara Group chief Shri Subrata Roy ji is very sad. It is a prayer to Lord Shri Ram to give place to the departed soul at his feet and give strength to the bereaved family members to bear this immense sorrow."
Subrata Roy death news: "I express my grief over his demise. He played a key role in development of various sectors in UP," says Uttar Pradesh Deputy CM Brajesh Pathak on demise of Sahara Group chief Subrata Roy.
The undistributed funds totalling over ₹25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy.
Roy passed away in Mumbai on Tuesday night at the age of 75 after battling a prolonged illness.
He faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with Ponzi schemes, allegations his group always denied.
In 2011, capital markets regulator Sebi ordered two Sahara Group firms -- Sahara India Real Estate Corporation Ltd (SIREL) and Sahara Housing Investment Corporation Ltd (SHICL) -- to refund the money raised from nearly 3 crore investors through certain bonds known as Optionally Fully Convertible Bonds (OFCDs).
This order came after the regulator ruled that the funds were raised by the two firms in violation of its rules and regulations.
After a long process of appeals and cross-appeals, the Supreme Court on August 31, 2012 upheld Sebi's directions asking the two firms to refund the money collected from investors with 15 per cent interest.
Sahara was eventually asked to deposit an estimated ₹24,000 crore with Sebi for further refund to investors, though the group has been maintaining that it had already refunded more than 95 per cent of investors directly.
Subrata Roy death news: In a post on X, the Indian badminton player wrote, “Heartbroken to learn about the passing of Sahara Shri Subrata Roy. Rest in peace, dear uncle. Cherishing fond memories of the time spent with you and aunty every time I visited Lucknow. You always treated me with nothing but love, affection, and respect. My heartfelt condolences to Swapna aunty, the family, and the extended Sahara family during these tough times."
Subrata Roy death news: Filmmaker Madhur Bhandarkar in the early hours of Wednesday mourned the demise of the founder of Sahara India Group, Subrata Roy.
Taking to Instagram, Bhandarkar shared a picture on his stories which he captioned, "Sad to hear about the passing of Subrata Roy sir. His infectious energy and zest for life always brightened every room. Was fortunate to have collaborated with his Sahara pic on 2 remarkable films #Page3 and #Corporate. My deepest condolences go out to his family members. #OmShanti."
Subrata Roy death news: In a tweet, it wrote, “Subrata Roy was the true blue pride of Lucknow. He got Lucknow it's first real shopping mall Sahara Ganj way back in 2004, first super speciality hospital, first township, first CBD in Kapoorthala and what not. In 90s and early 2000, every one in Lucknow used to know about his rags to riches story. And not to forget his famous scooter. He used to bring all the film, sports stars and international celebraties in Sahara Seher, Lucknow."
Subrata Roy death news: Taking to X, Anupam Kher wrote, “Saddened to know about the demise of Sahara Shri #SubrataRoy Ji! Met him many times on different occasions! He was always ready to help, kind and larger than life. May god rest his soul in peace! Om Shanti"
Subrata Roy death news: Subrata Roy, the founder of Sahara India Group passed away on Tuesday due to cardiorespiratory arrest, and while remembering him, Chetan Upadhyaya, the founder and secretary of Satya Foundation said that he was a highly spiritual person. “It is a sad day today...He (Subrata Roy) had started his journey from scratch. He was a highly spiritual person."
1. With the rising popularity, Subrata Roy in 2012 was named one of India's most influential businessmen by India Today magazine. Also Read | ‘Pride of Lucknow’: Netizens react to passing away of Subrata Roy Sahara
2. In 2004, Time magazine named the Sahara Group as “the second-largest employer in India" for its 1.2 million workforce. The top position in India was held by the Indian Railways.
3. Subrata Roy had created a huge business empire across retail, real estate and financial services sectors but the tragedy struck when his companies were embroiled in a legal tussle with SEBI after the market regulator in 2011 ordered Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to refund the money raised from investors through certain bonds known as Optionally Fully Convertible Bonds (OFCDs) that was later ruled to be illegal.
4. After months of legal battles, in 2012, the Supreme Court upheld Sebi's ruling asking Subrata Roy's two firms to refund the money collected from investors with 15 per cent interest i.e., ₹24,000 crore. Read more here
Subrata Roy death news: Taking to X, Saina Nehwal wrote, “He use to be a great sports lover and supported a lot of sportspersons…Thank u sir for all the love and support you will be missed"
Subrata Roy death news: Actress Manisha Koirala also paid tribute to Subrata Roy on X. She wrote, “The man who never gave up during his struggle life. #RIP Dear Sir"
Subrata Roy death news: "I knew him personally, he was a huge patriot, and the passion he had for the country was unparallel," filmmaker Akashdeep Sabir told reporters.
Subrata Roy death news: The reactions to Subrata Roy Sahara's death varied drastically on social media with some users detailing the contributions made by the Sahara group founder while others even going to the extent of how their life was affected owing to the alleged financial irregularities by Sahara. Some users took the time to point out how Sahara's life was an example in how power, money, position and powerful friends are never permanent. Read more here
Subrata Roy death news: Uttar Pradesh based personality, former cricketer Suresh Raina also paid tribute to Subrata Roy on X. He wrote, “great motivator, speaker and sports lover is no more ."
Subrata Roy death news: Chetan Upadhyaya, Founder Secretary Satya Foundation, expresses sadness over the demise of Sahara Group Managing Worker and Chairman Subrata Roy. He confirmed that the mortal remains of Subrata Roy will be taken to Lucknow for the last rites. The last rites will be performed tomorrow.
"It is a sad day today...He (Subrata Roy) had started his journey from scratch. He was a highly spiritual person...The mortal remains will be taken to Lucknow tomorrow and most possibly the last rites will be performed the day after tomorrow," Upadhyaya told reporters on Tuesday.
Subrata Roy death news: Subrata Roy, the founder of Sahara India Group, passed away on Tuesday due to cardiorespiratory arrest, said the business group in a statement
1. Sahara, once the sponsor of India's national cricket team, had been embroiled in a battle with market regulator SEBI over repaying billions of dollars to investors who put their money in a bond scheme that was later ruled to be illegal.
2. Roy, the founder and chairman of Sahara, was arrested in March 2014 for failing to attend a contempt of court hearing and was on bail since 2016. He had denied any wrongdoing.
3. Sahara's assets at one point of time included New York's Plaza Hotel and the Grosvenor House in London. Roy was also co-owner of the former Force India Formula One team.
4. Sahara and Roy had been in the spotlight in 2020 after they got a district court to stall the release of Netflix's series "Bad Boy Billionaires" featuring Roy, among others, claiming it would damage his reputation. (Reuters)
Subrata Roy death news: The Samajwadi Party, in a post on X, expressed condolences on his demise. "Death of Saharashri Subrata Roy ji is very sad. May his soul rest in peace. May the bereaved family members get the strength to bear this immense sorrow. Heartfelt tribute!", the party said.
