Sahara Group Founder Subrata Roy Sahara has passed away, aged 75. He was admitted to Kokilaben Ambani Hospital on Sunday following a decline in health and he passed away at 10.30 pm on 14th November 2023.
Subrata Roy was an Indian businessman and the founder of the Sahara India Pariwar, a major business conglomerate in India. Born on June 10, 1948, in Bihar, India, he has been involved in various business ventures, including real estate, media, and finance.
Sahara India Pariwar is known for its diverse business interests, ranging from financial services and real estate to media and entertainment. The company gained widespread attention for its sponsorship of the Indian cricket team in the past.
Subrata Roy faced legal troubles in the early 2010s. In 2014, he was arrested by the Securities and Exchange Board of India (SEBI) for non-compliance with a Supreme Court order related to refunding billions of dollars to investors through optionally fully convertible debentures (OFCDs). The court set bail conditions for his release, including a substantial monetary deposit.
The legal proceedings and issues surrounding Subrata Roy and Sahara India Pariwar have been significant events in the business and financial landscape of India.
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