Subrata Roy was one of the most powerful business personalities in India who was well-known for founding the Sahara India Pariwar. With his utmost dedication and excellent contribution to the company, he acquired a commendable position in the entire business industry. Founded in the year 1978, the incredible contributions of the business made it possible for Sahara Group to be one of India’s leading companies comprising interests in multiple sectors.
Amidst uncountable honors and legal complications, Roy was successful in establishing himself as one of the most important business tycoons in the world with his sheer strategic skills. However, the recent death of the businessman on 14 November 2023 has brought him once again into the spotlight. Let this article help you gain insights on Subrata Roy, the founder of Sahara Group, including his early life, lifestyle, legal issues, and a lot more!
The early life of subrata roy
Subrata Roy led a simple yet content life in his childhood days. He was born into a well-to-do Hindu family at Araria, located in Bihar, India. He came from a rich Zamindar family; more specifically, Bhagyakul Zamindar, Sudhir Chandra Roy, and Chhabi Roy were his parents, respectively. His early schooling was done at Holy Child Institute, Kolkata, one of the most well-renowned schools for affluent students. Due to the high status and reputation, children from affluent households in Kolkata visited the school to pursue education, and Subrata Roy was one among them.
After completing his schooling at Holy Child Institute, he proceeded to study mechanical engineering. To study mechanical engineering, Roy had to move to Gorakhpur as he was admitted to the Government Technical Institute there. This marked the beginning of his business career as he started his first business in Gorakhpur, Uttar Pradesh, India.
His business career
Subrata Roy started his business journey by joining Sahara Finance in 1976. Initially, it was a struggling chit-fund company running on major loss. The company followed the old model of Peerless Group. Hence, it was unable to survive properly in the business industry.
However, with Roy’s joining in 1976, the company was successful in regaining its financial model. His brilliant understanding of business perspectives and strategies made it possible for him to rebuild the company on his terms and provide it with an undiminishable status.
Later, in 1990, he traveled to Lucknow to make the city the base of the group. He worked hard to expand the group and diversify its interests. Not just finance, but he strived to extend its services to other fields as well. Now, the Sahara Group, with a wide range of business interests such as education, finance, real estate, media content, entertainment, tourism, travel, healthcare, and hospitality, has acquired its position as India’s largest conglomerate.
Sahara Group started several weekly newspapers. The first among them was Rashtriya Sahara, the Hindi newspaper started in 1992. The other weeklies initiated were ‘Sahara Time’ written in English, ‘Sahara Samay’ written in Hindi, and ‘Sahara Aalmi’ written in Urdu.
The Sahara television channel, Shahara One, was launched in 2000, and it gained a large audience shortly. Besides, the other big project initiated by Sahara Group under Subrata Roy was Aamby Valley City purchasing of Plaza Hotel, New York City. The launch of ‘ Sahara Evols’ for manufacturing electric vehicles in 2019 was another major business initiative made by him.
Roy’s flamboyant lifestyle
Subrata Roy, the CEO of Shahara Group, was popularly known for his flamboyant lifestyle. He was one of the most affluent citizens of the country who led a luxurious life worth writing about. He possessed several lavish residences in the country. Not only that, but he comprised multiple private aircraft and helicopters. Since he loved indulging in luxury and had a great admiration for art, he designed two of his residences after the renowned White House and the Buckingham Palace. He had a great fascination for cars and hence added luxurious vehicles to his collections. Some of his exclusive car collection comprised Rolls-Royces, Bentleys, and BMWs.
Besides indulging in the luxuries of life, he was successful in building great connections with renowned personalities all around the country. Due to his connection with multiple reputed politicians and famous actors of the country, he invited approximately more than 10,000 renowned personalities to his son’s wedding ceremony in 2004 from various backgrounds, such as Bollywood, cricket, fashionistas, politicians, corporate titans, etc.
Moreover, the then prime minister of India, Atal Bihari Vajpayee, also attended the venue due to his praiseworthy connections with Roy.
The humanitarian efforts made by Subrata Roy
Not only for varied business prospects but the Shahara Group, founded by Subrata Roy, was also recognized for its humanitarian efforts. The major humanitarian efforts made by Roy are as follows:
The Uttarakhand floods
After a severe flood hit Uttarakhand in 2018, the Sahara Group provided major relief to the panic-stricken families isolated in the region. The business group arranged for approximately one lakh bottles of drinking water, juice bottles, food packets, match sticks, and candles. Also, the group arranged for 25 medical unit vans, each van providing free check-ups, treatment, and medicine.
The post-Kargil war
After the devastating Kargil Wars, the Sahara Group, under Roy’s supervision, extended their helping hand to the families of the martyrs. The group provided the devastated families of the martyrs of the Kargil War with considerable financial support. The group provided funds to around 127 such families. This act of kindness by Roy was greatly admired by the Indian Prime Minister, Atal Bihari Vajpayee.
Feeding India campaign by Hotel Sahara Star
The Feeding India campaign by Sahara Group was one of the best efforts even taken toward reducing the hunger index of the country. Under this campaign, Sahara Star Hotel joined hands with the Feeding India campaign in 2019. This initiative was made to feed numerous underdeveloped or malnourished children the excessive food made in the restaurant every day. Instead of letting the food go to waste, they found a useful alternative to help the backward classes of India.
Awards and honors he received
The list of awards and honors he received for his valuable contribution to the business industry is indeed long. These are the following awards and honors he received throughout his life:
Doctorate in Business Leadership
He received an honorary doctorate in business leadership in 2013 from the University of East London.
Business Icon of the Year award
He received the ‘business icon of the year’ award in 2011, London at the Power brands Hall of Fame Awards.
ITA – TV Icon of the Year
He received the honor of being given the title 2007, the ITA – TV Icon of the Year.
Businessmen of the Year Award
In 2002, he won the honorable ‘Businessmen of the Year Award’ for his excellent performance in the business industry.
Best Industrialist Award
Besides receiving the ‘Businessmen of the Year Award’ in 2002, Roy also won the ‘Best Industrialist Award’.
Vishisht Rashtriya Udaan Samman
In the year 2010, he achieved the Vishisht Rashtriya Udaan Samman from one of the top publication houses in India.
Vocational Award for Excellence
In 2010, Rotary International awarded him with the famous Vocational Award for Excellence.
Karmaveer Samman
In the year 1995, Roy was successful in achieving the ‘Karmaveer Samman Award.
Udyam Shree
He achieved the ‘Udyam Shree’ award in 1994 for his incredible performance and expertise in the commercial industry.
National Citizen Award
In 2001, Roy was even successful in securing the prestigious ‘National Citizen Award’ of India.
General Jury Award
The Indian Television Academy Awards presented Subrata Roy with the ‘General Jury Award’.
Degree of D. Litt
Lalit Narayan from Mithila University awarded him with an honorary degree of D. Litt.
Legal complications faced by him
Besides receiving multiple honors and awards, Roy also encountered various legal complications throughout life. The first legal dispute he encountered was with the Market Regulator – SEBI. He was subjected to detention due to this dispute and was held in custody at Tihar Jail, Delhi, for failing to appear before the court on the required date. Due to this legal complication, Sahara Group was compelled to sell some of its assets to provide funds to the Market Regulator – SEBI.
He was even accused of misconduct, which he, however, renounced. After attaining bail on 26 March 2014, he was required to pay a sum ₹10,000 to SEBI. Though he was released through interim bail, it was later extended till 24 October 2017 on account of his mother’s last rites. Overall, the Sahara Group paid around ₹22,500 crores to repay 95% of its worldwide investors. Besides, according to reports, Roy paid around ₹725.97 crore to the Income Tax Departments of India. However, according to sources,
Roy’s death
According to reports, Roy has been suffering from metastatic malignancy, hypertension, and diabetes for a long time. With severe deterioration in his health on the night of 12th November 2023, he was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai. But he was not able to make it and passed away at 10.30 pm on 14th November 2023 at the age of 75, leaving the Sahara Pariwar Group with profound sadness. Multiple tributes were made in honor of the demised businessman.
Conclusion
This was all about the life of the famous business tycoon Subrata Roy, the founder of the Sahara Group. The death of business tycoon Subrata Roy in Mumbai on November 14, 2023, has put the spotlight on the Rs. 25 Crore dispute of SEBI, making investors of the Sahara Group worried about regaining their funds. However, currently, the Sahara Parivar Group has succumbed to grief due to the loss of their chairman.
