Subrata Roy

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A brief biography

Nov 15, 2023: The Times of India

Lucknow : Subrata Roy was the founder of the Lucknow-headquartered Sahara Group and once the maverick face of India Inc.


He joined Sahara Finance, a struggling chit fund company, in 1976 before taking over the firm and turning it around in two years to lay the base for what would grow into the Sahara empire. The group employed an estimated 1.2 million people at its peak.


Roy’s later years, however, were known for his brush with the law. In March 2014, the Supreme Court ordered his detention for his failure to appear in court in connection with a dispute with Sebi, which wanted the group to refund billions of investors.


The Supreme Court even set up a “Sahara-Sebi refund account” for this purpose. Roy had to spend a little over two years in Tihar Jail till he was released on parole in May 2016.
Roy had been admitted to Kokilaben Hospital on November 12 after his health deteriorated suddenly.

Details

Roy’s biz ranged from finance to aviation

It is with profound sadness that Sahara India Pariwar informs the demise of our Hon’ble ‘Saharasri’ Subrata Roy, managing worker and chairman, Sahara India Pariwar. Saharasri ji, an inspirational leader and visionary, passed away following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes,” Sahara Group said in a statement. “Details regarding his last rites will be communicated in due course.”


Born on June 10, 1948, in Araria, Bihar, Roy was a first-generation entrepreneur. His businesses spanned diverse sectors, ranging from finance, real estate and aviation to media, healthcare and hospitality. The group was the sponsor of the Indian cricket team for 11 years. Apart from starting a newspaper and a bouquet of channels, he started his ambitious Aamby Valley City project between Pune and Mumbai in the 1990s, and acquired properties such as London’s Grosvenor House Hotel and New York City’s Plaza Hotel.


He co-owned the Force India Formula 1 team along with Vijay Mallya, going on to buy the franchise and christen it Sahara Force India. “His loss will be felt by the entire Sahara India Pariwar. Saharasri ji was a guiding force, a mentor, and a source of inspiration for all who had the privilege to work alongside him,” the group said.