(with file photo)
Lucknow/Mumbai, November 14 (Language) Sahara Group chief Subrata Roy died of a heart attack on Tuesday. He was 75 years old. The company issued a statement and gave this information.
Roy built a vast business empire in the retail, real estate and financial services sectors. However he also remained at the center of a major controversy and had to face several regulatory and legal battles in relation to his group companies, which were accused of circumventing rules to create multi-level marketing schemes.
The company said that he was admitted to Kokilaben Dhirubhai Ambani Hospital in Mumbai on Sunday after his health deteriorated.
According to the statement, Subrata Roy, who was suffering from various diseases including high blood pressure and diabetes for a long time, died at 10.30 pm due to a heart attack.
“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, the statement said, “The loss of his demise will be deeply felt by the entire Sahara India family. Saharashree ji was a guiding force, a mentor and a source of inspiration to all who had the privilege of working with him.”
According to the statement, the Sahara India family is committed to maintaining Roy’s legacy and will continue to honor his vision in taking the organization forward.
SEBI in 2011 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 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 per cent 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 a “double payment” as it had already returned more than 95 per cent of the money directly to investors.
Language Surbhi Noman