DIGITAL NEWS GURU BUISNESS DESK :
The founder of Sahara Subrata Roy bid farewell to the world:-
Subrata Roy has passed away on 14 November Tuesday morning at 10:30 pm due to cardiorespiratory arrest. Subrata Roy was the founder and chairman of the ‘Sahara India Pariwar’. Roy’s health deteriorated on 12 November so he admitted to the Kokilaben Dhirubhai Ambani Hospital in Mumbai where he took his last breath at the age of seventy-five. After admitting to the hospital he was battling with metastatic malignancy, hypertension and diabetes, according to the statement given by the company.
Early life of Subrata Roy:-
Subrata Roy was born on 10 June 1948, just after the year when India got independence. He was born on Araria, Bihar. His father’s name was Sudhir Chandra Roy and mother’s name was Chhabi Roy. His family was originally from the Dhaka, East Bengal currently known as Bangladesh and they belonged to the family of rich landlords called as ‘Bhagyakul Zamindar’. Shubrato Roy had completed their early education from Holy Child Institute in Kolkata and later done his graduation in Mechanical Engineering from the Government Technical Institute, Gorakhpur.
Subrata Roy’s business career:-
His career in business started after his graduation in engineering. Before taking over the Sahara Finance Company he ventured into business in Gorakhpur. The Sahara Finance Company was the struggling chit fund company in 1976 when he took over the company. But after taking over the Sahara Finance, in 1978 he transformed it into ‘Sahara India Pariwar’ which would grow to become one of the India’s largest conglomerates.
In 1990s the company initiated a project named Aamby Valley Project near Pune. Under the leadership of Subrata Roy, Sahara company expanded into numerous businesses. In 1992 the company also launched the newspaper in Hindi language which was named as ‘Rashtriya Sahara’ and also started their news channel named ‘Sahara TV’ which later renamed as ‘Sahara One’.
The Sahara company also made headlines by purchasing several properties in out of India as the iconic Grosvenor House Hotel in London, the historic Plaza Hotel and Dream Downtown Hotel in New York City. Sahara became ‘the second largest employer in India’ after the Indian railways by the Times Magazine in 2004 , boasting a workforce of around 1.2 million people. The company also claimed to have investors of more than 9-crore.
Legal Case over Subrata Roy:-
Subrata Roy a highly successful businessman who had a good contacts with the politicians as well but stucked in legal case that is known as ‘Sahara-Scam’. In the case there were allegations on Roy of fund mismanagement amounting to Rs. 24,000 crore by Securities and Exchange Board of India (SEBI) and accused the two companies of Sahara of raising funds through Optionally Fully Convertible Debentures (OFCD) without approval.
In the issue SEBI directed the two companies of Sahara to refund the money of the investors. In the case Supreme Court ordered the Roy to present on the court but he did not appear in the court. The Roy was arrested in 2014 and imprisonment in Tihar Jail but he released on parole in 2017. This scandal had harmed the image of Sahara Company and Shubrato Roy.
Honours received by the Subrata Roy:-
The Subrata Roy received the Businessman of the Year Award in2002 and in the same year he also got the Best Industrialist Award. In 2010 he got the Vocational Award for Excellence and Vishisht Rashtriya Udaan Samman. Shubrato Roy was also named among the 10 most influential businessman in India in 2012.
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