Subrata Roy, founder of the Lucknow-based Sahara Group and once the outspoken face of India Inc, died on Tuesday at 10.30 p.m. at Mumbai’s Kokilaben Dhirubhai Ambani Hospital after a protracted illness. His wife Swapna and sons Sushanto and Seemanto survive him at the age of 75.
Roy’s death marks the end of an era that began in 1976 when he joined Sahara Finance. It was a faltering chit fund company in Gorakhpur, before taking over and turning it around in two years to build the groundwork for what would become the Sahara empire.
Sahara Group issued a statement, “Details regarding the funeral ceremony will be communicated in due course”
He was imprisoned in Tihar for almost two years. For failing to appear in court in connection with an argument with the Securities and Exchange Board of India. Roy’s health had recently deteriorated, therefore he was brought to the hospital on November 12.
The Subrata Sahara organization employed an estimated 1.2 million people
Roy was imprisoned at Tihar Jail for over two years before being released on parole in May 2016. Sahara India Pariwar mourns the death of our Hon’ble ‘Saharasri’ Subrata Roy Sahara, managing worker and chairman of Sahara India Pariwar. Saharasri ji, an outstanding leader and visionary, died after a long fight with consequences from metastatic cancer, hypertension, and diabetes.”
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Subrata Roy, Chairman of the Sahara Group, was also the founder of Sahara India Pariwar. He was instrumental in the establishment and growth of Sahara One Motion Pictures. Popular Bollywood films produced and distributed by the firm include “Wanted,” “No Entry,” and “Dor.”