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Subrata Roy, the founder of the Sahara Group, died on Tuesday in Mumbai after a prolonged illness. He was 75.
Roy was one of the most prominent businessmen of his time and built the Sahara Group into multiple sectors. Roy, also known as Saharashri among his Sahara colleagues, went onto push his enterprise into becoming the largest congolomerate of India at the time.
“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,” read a statement issued by the Sahara Group. It further said that details regarding his last rites will communicated in due time.
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Sahara Group was a chit fund company which was struggling to stay afloat when Roy, studying mechanical engineering in Gorakhpur, took over the company in 1976. Within the next two years, Roy’s leadership had transformed the face of the company which he would ultimate christen as the “Sahara India Pariwar”.
In 2004, Time magazine termed the Sahara Group as “the second-largest employer in India” due its 1.2 million strong workforce which stood second only to the Indian Railways workforce.
However, due to multiple legal complications, Roy was arrested in 2014 and fought several legal battles with SEBI from Tihar Jail before he was released on parole.
This is a developing copy, more details to follow
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