Subrata Roy, the visionary founder and chairman of Sahara India Pariwar, passed away on Wednesday, November 14. After an extended struggle with health complications resulting from metastatic malignancy, diabetes, and hypertension, he eventually experienced a cardiorespiratory arrest that led to his demise.
Subrata Roy was 75. The company issued a statement that read, "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."
On November 12, 2023, he was hospitalized at Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute (KDAH) owing to deterioration in his health.
Subrata Roy, born on June 10, 1948, in Araria, Bihar, was among the biggest names in the Indian business arena. He established an extensive empire, including diverse sectors such as finance, real estate, media, and hospitality.
Despite Roy's business success, his companies faced a legal challenge with the market regulator, SEBI (Securities and Exchange Board of India). In 2011, SEBI mandated Sahara's real estate and housing firms to refund funds obtained through investors. Following the proceedings, the Supreme Court upheld SEBI's decision in 2012 and directed Sahara to repay Rs 24,000 crore along with interest to the investors.
Besides owning diverse ventures in finance, real estate and media, the Sahara conglomerate also owned an airline, Air Sahara (later sold to Jet Airways), a Formula One team, an IPL cricket team (Pune Warriors), upscale hotels in London and New York, and financial firms.
Describing him as an "inspiring leader and visionary," the statement expressed that the entire Sahara India Pariwar would keenly feel his absence. Saharasri Ji served as a guiding force, mentor, and source of inspiration for those fortunate to work with him.