(MENAFN- AsiaNet News) Subrata Roy passed away at age 75 due to cardiorespiratory arrest on November 14, according to a statement released by the company. At 10:30 pm., the founder of Sahara India, Pariwar, passed away from cardiorespiratory arrest after a protracted illness that included complications from diabetes, hypertension, and metastatic cancer.
The statement claims that on November 12, when his health began to deteriorate, he was taken to Mumbai's Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute.
In a statement, the Sahara group said, "Saharasri ji an inspirational leader and visionary, passed away on 141h November 2023 at 10.30 pm due to cardiorespiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes. He was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute (KDAH) on November 12 2023, following a decline in health."
Also Read:
Subrata Roy, Sahara Group Chairman, passes away in Mumbai
About Subrata Roy:
Roy, born in Araria, Bihar, on June 10, 1948, rose to prominence in the Indian economic world by building a massive empire that included the banking, real estate, media, and hotel industries.
Roy's adventure started with his mechanical engineering degree from Gorakhpur's Government Technical Institute. Before taking over Sahara Finance, a faltering chit fund company, in 1976, he dabbled in business in Gorakhpur. He turned it into Sahara India Pariwar by 1978, and it became one of India's biggest corporations.
Roy oversaw Sahara's expansion into several industries. Initiating the massive Aamby Valley City project near Pune in the late 1990s, the firm also entered the television arena with Sahara TV, which was eventually renamed Sahara One. In 1992, the group created the Hindi language daily Rashtriya Sahara. With the purchase of storied assets like the Plaza Hotel in New York City and the Grosvenor House Hotel in London in the 2000s, Sahara garnered attention throughout the globe.
India's Sahara With 1.2 million employees, Pariwar was previously praised by Time magazine as the second-largest employer in India, behind Indian Railways. With almost 9 crore investors, the company claimed to have a substantial share of Indian households.
Roy had legal issues in spite of his commercial achievements. His imprisonment was imposed by the Supreme Court of India in 2014 because he had neglected to show up for court in relation to a dispute with the Securities and Exchange Board of India (SEBI). Due to a protracted legal struggle, Roy was ultimately granted freedom after serving time in Tihar Jail. The Supreme Court established a "Sahara-Sebi refund account" in order to fulfil SEBI's demand that Sahara reimburse investors for billions of dollars.
Roy made significant contributions to the corporate sector despite his legal issues. Among the many accolades he was bestowed with were an honorary doctorate in business leadership from the University of East London and the title of Business Icon of the Year from the London Powerbrands Hall of Fame Awards. Additionally, he was frequently listed among India Today's list of the country's most influential individuals.
In his latter years, Roy focused on the future, launching businesses like Sahara Evols, which sold a variety of electric cars, and he had plans to launch Edunguru, an online education platform that would primarily target small towns and villages.
MENAFN14112023007385015968ID1107424695
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.