Sahara Conglomerate Chief Subrata Roy Passes Away
In a recent statement, Sahara conglomerate announced the unfortunate demise of its embattled chief, Subrata Roy, on Tuesday. Roy had been admitted to a hospital in Mumbai on Sunday and succumbed to cardiorespiratory arrest. The company revealed that his death was a result of complications arising from metastatic malignancy, hypertension, and diabetes.
Sahara, previously known for its sponsorship of India’s national cricket team, had been engaged in a legal battle with the market regulator, SEBI (Securities and Exchange Board of India), regarding the repayment of billions of dollars to investors. These investors had invested in a bond scheme that was later deemed illegal.
Roy, who was the founder and chairman of Sahara, had faced adversity in his personal life as well. In March 2014, he was arrested for failing to attend a contempt of court hearing. However, he had been out on bail since 2016 and consistently maintained his innocence.
At its peak, Sahara boasted valuable assets such as New York’s Plaza Hotel and London’s Grosvenor House. Additionally, Roy was a co-owner of the former Force India Formula One team.
In 2020, Sahara and Roy found themselves in the spotlight once again when they successfully obtained a district court order to halt the release of Netflix’s series “Bad Boy Billionaires.” The show featured Roy and others, and Sahara claimed it would tarnish his reputation. However, Netflix eventually released the series after the court lifted the injunction.
The loss of Subrata Roy is undoubtedly a significant blow to the Sahara conglomerate and the business world at large. The company will undoubtedly have to navigate this difficult period and determine the next steps forward.
Reporting by Gursimran Kaur and Maria Ponnezhath in Bengaluru; Editing by Shounak Dasgupta.
