Subrata Roy, the founder and chairperson of the Sahara India Pariwar, died at the age of 75 in Mumbai on Tuesday after a prolonged illness. Roy suffered a cardiorespiratory arrest at Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai. The announcement of his death was made through a statement by the Sahara Group, expressing profound sadness at the loss of an "inspirational leader and visionary." His death marks the end of an era for the Indian business landscape, where he was known for his vast empire that spanned various sectors including finance, media, entertainment, and real estate.
#SubrataRoy #SubrataRoyDeath #SubrataRoyPassesAway #SaharaGroup #SaharaGroupFounder #SaharaGroupSubrataRoy #SaharaScam #SubrataRoyNews #SubrataRoyDeathNews
~HT.99~PR.152~ED.101~
#SubrataRoy #SubrataRoyDeath #SubrataRoyPassesAway #SaharaGroup #SaharaGroupFounder #SaharaGroupSubrataRoy #SaharaScam #SubrataRoyNews #SubrataRoyDeathNews
~HT.99~PR.152~ED.101~
Category
🗞
NewsTranscript
00:00 Subrata Roy, the founder and chairperson of the Sahara India Parivar, died at the age
00:08 of 75 in Mumbai on Tuesday after a prolonged illness.
00:13 Roy suffered a cardiorespiratory arrest at Kokilaben, Dhirubhai Ambani Hospital and Medical
00:18 Research Institute in Mumbai.
00:20 The announcement of his death was made through a statement by the Sahara group, expressing
00:25 profound sadness at the loss of an inspirational leader and visionary.
00:31 Roy's death marks the end of an era for the Indian business landscape where he was known
00:36 for his vast empire that spanned various sectors including finance, media, entertainment and
00:42 real estate.
00:46 Subrata Roy, known as 'Saharashree', played a pivotal role in building the Sahara group
00:50 into a multi-billion dollar enterprise.
00:53 Born in Bihar's Araria in 1948, Roy began his journey as a businessman in 1976 with
01:00 Sahara Finance, a chit fund company.
01:03 He took over and revamped the company's financial model in 1978, drawing inspiration
01:08 from the older PLS group.
01:11 Over the years, the group expanded its operations into various sectors such as real estate,
01:16 media and entertainment, hospitality, aviation and more.
01:20 Sahara became one of the largest employees in India with a vast network of investors
01:24 and clients.
01:25 Under his leadership, Sahara India Parivar grew into one of India's largest conglomerates,
01:31 employing around 1.2 million people and claiming to have more than 9 crore investors, which
01:36 is about 13% of all households in the country.
01:41 However, Subrata Roy's illustrious career was not without controversy.
01:46 In what came to be known as the Sahara Scam, Roy faced allegations of fund mismanagement
01:52 amounting to Rs. 24,000 crore.
01:55 In 2014, the Securities and Exchange Board of India (SEBI) ordered Sahara to repay billions
02:00 of dollars to investors, alleging that the group had raised funds through financial instruments
02:06 that were later declared illegal.
02:08 Subrata Roy was arrested in 2014 but was released on parole in 2016.
02:14 The scandal tarnished the reputation of the Sahara group and Roy, who once enjoyed a larger-than-life
02:19 status hosting lavish events and rubbing shoulders with celebrities and politicians.
02:25 Despite the controversies, Roy's impact on the Indian economy and his role in providing
02:29 financial services to the unbanked segments of society was conspicuous.
02:34 His humanitarian efforts included contributions to disaster relief during the Uttarakhand
02:38 floods and support to the families of Kargil war martyrs.
02:44 Subrata Roy's life story remains a testament to the complexities of ambition, power and
02:48 the consequences of corporate governance in India's evolving economic narrative.
02:54 As the Sahara group moans its leader, the business world reflects on the legacy of a
02:58 man who started with just Rs. 2,000 and built an empire that, at its zenith, was second
03:05 only to the Indian government in terms of employment.
03:08 [Music]