Wednesday, November 15, 2023
Biography of Subrata Roy:
Subrata Roy, full name Subrata Roy Sahara, is an Indian businessman and the founder of the Sahara India Pariwar, one of India's largest conglomerates. Born on June 10, 1948, in Araria, Bihar, India, Subrata Roy has been involved in diverse business activities, including finance, real estate, media, and hospitality.
Here is a brief biography of Subrata Roy:
Early Life:
Subrata Roy was born into a middle-class family in Araria, Bihar.
He started his career as a small worker in Gorakhpur, Uttar Pradesh.
Formation of Sahara India Pariwar:
In 1978, Subrata Roy founded Sahara India Pariwar, initially as a small finance and real estate firm.
The business expanded rapidly, and Sahara diversified into various sectors, including housing, media, entertainment, and hospitality.
Sahara's Business Ventures:
Sahara India Pariwar became known for its involvement in financial services, with activities ranging from housing finance to mutual funds.
The Sahara Group expanded into the real estate sector, developing the ambitious Aamby Valley City project near Pune.
The group also ventured into the media and entertainment industry, owning newspapers, television channels, and other media outlets.
Controversies:
Subrata Roy has been involved in legal controversies, notably in connection with the issuance of optionally fully convertible debentures (OFCDs) by two of Sahara's companies.
The Securities and Exchange Board of India (SEBI) accused Sahara of violating regulations, leading to a long legal battle.
Imprisonment:
Subrata Roy was arrested in 2014 after the Supreme Court of India found Sahara liable for not complying with SEBI's orders.
He spent time in judicial custody but was released on parole in 2016 for medical reasons.
Philanthropy:
Subrata Roy has been involved in various philanthropic activities through the Sahara India Pariwar. The group has supported initiatives in education, healthcare, and social welfare.
Subrata Roy's life and career have been marked by both success and controversy. His business empire, Sahara India Pariwar, remains one of the prominent conglomerates in India. However, the legal issues surrounding the group have also drawn significant attention.
Deth:
Subrata Roy died on 14 November 2023 in Mumbai , India.