INDIA: Subrata Roy Sahara, popularly known as ‘Saharasri’ and the founder of the Sahara Group, who passed away in a Mumbai hospital on Sunday night following cardiorespiratory arrest, will have his last rites performed at Bhaisakund Dham crematorium in Lucknow, Uttar Pradesh, on Thursday. The crematorium was built by Roy in memory of his sister.
Roy’s mortal remains were brought to ‘Sahara Shaher’ in Gomati Nagar, Lucknow. His wife, Swapna, and sons, Sushanto and Seemanto, accompanied the body from Mumbai to Lucknow.
People from various walks of life, including politicians like Akhilesh Yadav, paid tributes and expressed condolences. Employees of the Sahara Group and their families mourned their departed leader.
Born on June 10, 1948, in Araria, Bihar, Roy took over ‘Sahara Finance,’ a struggling chit fund company, in 1976.
With an initial capital of Rs. 2,000, he transformed the company into Sahara India Pariwar (SIP) by 1978. SIP became one of India’s largest conglomerates, with a net worth of nearly $10 billion (Rs. 259,900 crore) and various ventures across sectors.
The Sahara Group faced challenges in 2011 when the Enforcement Directorate initiated action for alleged money laundering, and SEBI ordered the refund of funds raised through Optionally Fully Convertible Bonds.
Subsequent legal issues led to Roy’s detention in Tihar Jail in 2014. Last year, the Patna High Court granted a status quo in the matter, preventing authorities from re-arresting Roy.