Sahara Group Founder Subrata Roy Passes Away at 75 After Prolonged Illness
Moneylife Digital Team/ IANS 16 November 2023
Subarata Roy, the founder of Sahara India Pariwar, breathed his last Tuesday following a cardiac arrest after a prolonged illness. He was 75.
 
Mourning the demise of Mr Roy, the Sahara India group said in a statement, "With profound sadness, the Sahara India Pariwar informs the demise of our ‘Saharasri’ Subrata Roy Sahara, managing worker and chairman, Sahara India Pariwar.
 
"Saharasri ji was an inspirational leader and a visionary, who passed away on 14th November at 10.30pm due to cardiorespiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes. He was admitted to the Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute (KDAH) in Mumbai on 12th November following a decline in health."
 
"His loss will be deeply 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 of working alongside him," the group said.
 
"Details regarding the last rites will be communicated in due course," it added.
 
It also said that the Sahara India Pariwar is committed to upholding Mr Roy's legacy and will continue to honour his vision in driving the organisation.
 
A landmark order of the Supreme Court (SC) in August 2012 forced Sahara to deposit the funds collected with  the Securities and Exchange Board of India (SEBI).
 
The SC handed down a historic verdict asking two Sahara companies to refund over Rs20,000 crore to investors that was illegally raised through quasi-debentures without regulatory clearance. High drama continued even after the verdict, with the Court enhancing Sahara’s repayment to Rs25,700 crore in 2015.
 
Mr Roy also spent over two years in jail for contempt of court. He remained out on bail.
 
The Court directed SEBI to identify investors of the two Sahara realty companies and refund the money under the supervision of justice BN Agrawal, a retired Supreme Court judge.
 
Moneylife Foundation, in a representation to SEBI, had appealed to it to consider returning at least Rs3,000 crore of the Sahara Cooperative Society that was inadvertently transferred to SEBI, according to an order of the central registrar of cooperative societies. SEBI did not bother to respond.
 
Separately, Moneylife Foundation filed three intervention applications in a civil contempt petition case (SEBI vs Sahara No. 412 of 2012), making the same plea before the SC.
 

 

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