SAHARA GROUP FOUNDER SUBRATA ROY PASSES AWAY-
On Tuesday night in Mumbai, Subrata Roy, the visionary behind Sahara Group, breathed his last at 74, concluding a valiant fight against a lingering illness. His battle at Kokilaben Dhirubhai Ambani Hospital ended with a cardiorespiratory arrest, entangled in complications from metastatic malignancy, hypertension, and diabetes. He leaves behind his wife, son, and brother.
Born on June 10, 1948, in Araria, Bihar, Subrata Roy Sahara embarked on his entrepreneurial path after studying mechanical engineering at the Government Technical Institute in Gorakhpur.
SAHARA GROUP –
Initiating his ventures in Gorakhpur, he assumed leadership of Sahara Finance in 1976, originally a chit-fund company. Remarkably, by 1978, he adeptly molded it into Sahara India Pariwar, evolving into a prominent Indian conglomerate.
In 2011, SEBI directed Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to refund funds obtained through Optionally Fully Convertible Bonds (OFCDs), citing a breach of regulatory norms.
Following a series of appeals, the Supreme Court, on August 31, 2012, upheld SEBI’s directive, mandating the companies to repay the collected funds to investors with a 15% interest. Subsequently, Sahara was instructed to deposit around ₹24,000 crore with SEBI for further reimbursement, despite their claim of having already directly refunded over 95% of investors’ funds, labeling it as a “double payment.”
In 2014, Roy faced arrest for contempt due to his non-appearance in the apex court regarding the non-reimbursement of ₹20,000 crore to investors by two of his companies. Although granted bail later, his businesses persisted in grappling with persistent challenges.
CONTROVERSIAL LEGACY –
Recent revelations about Roy’s family opting for North Macedonian citizenship, amid an ongoing SEBI case on alleged misappropriation of investor funds, raise questions about potential motives to navigate Indian laws.
This strategic move appears as a temporary measure to distance from controversial legal proceedings. Speculation lingers on Roy’s favorable ties with the Macedonian government, given his recognition as a state guest. In 2017, a lookout circular against Swapna Roy referenced her connection to Sahara India’s chairman, emphasizing her law-abiding nature and asserting Macedonian citizenship while refuting any criminal history.
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