Sahara India Group chief Subrata Roy passes away

Subrata Roy was born on 10 June 1948 in Araria, Bihar. After studying mechanical engineering from Gorakhpur, he started his business from Gorakhpur itself. In 1992, Sahara Group published a newspaper named Rashtriya Sahara. Also, the company had started a TV channel named Sahara TV.Sahara Group works in many sectors including media, real estate, finance.

On the death of Subrata Roy, Sahara Group issued a statement saying that Subrata Roy Sahara, head of Sahara India Pariwar, died at 10.30 pm on Tuesday night after cardio arrest. He was suffering from diseases like hypertension and diabetes. His health was continuously deteriorating, due to which he was admitted to Kokilaben Dhirubhai Ambani Hospital on 12 November. Sahara India family is saddened by the demise of Saharashree.

 "It is with great sadness that Sahara India Parivar announces the demise of Honorable 'Saharashree' Subrata Roy Sahara, Managing Director and Chairman of our Sahara India Parivar," the group said in a statement, calling him an inspirational leader and visionary. It has been said, 'The entire Sahara India family will deeply feel the loss caused by his demise. Saharashree ji was a guiding force, a mentor and a source of inspiration for all those who had the privilege of working with him.

 Expressing grief over Roy's death, SP supremo Akhilesh Yadav said that his demise is an emotional loss for Uttar Pradesh and the country.

 In 2011, SEBI had ordered Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) to return the money raised from investors. The regulator had ruled that both the companies had raised funds in violation of its rules and regulations.

 The Supreme Court had on August 31, 2012 upheld SEBI's directions, asking both the companies to return the money taken from investors with 15 percent interest. Ultimately Sahara was asked to deposit an estimated Rs 24,000 crore with SEBI for refund to investors. However, the group always maintained that this was 'double payment' as it had already returned more than 95 per cent of the money directly to investors.