Subrata Roy was the founder of the Sahara Group, a vast conglomerate that spanned various sectors including finance, real estate, media, and hospitality.
He was born on June 10, 1948, in Bihar’s Araria and completed his degree in mechanical engineering from the Government Technical Institute in Gorakhpur.
In 1976, he took over Sahara Finance and transformed it into Sahara India Pariwar, which became one of India’s largest conglomerates by 1978.
Subrata Roy was a prominent figure in the Indian business world and received several awards and recognitions throughout his career, including the Businessmen of the Year Award and the Best Industrialist Award in 2002.
He was also recognized as one of India’s 10 most influential businessmen by India Today magazine in 2012.However, Subrata Roy’s career was not without controversy. In 2014, the Supreme Court of India ordered his detention for failing to appear in court in connection with a dispute with the Securities and Exchange Board of India (SEBI) .
This led to a prolonged legal battle, which resulted in him spending time in Tihar Jail.He was eventually released on parole.
Subrata Roy death
Subrata Roy passed away on November 14, 2023, in Mumbai after battling a prolonged illness.
He was 75 years old at the time of his death and is survived by his wife, son, and brother.
Subrata Roy net worth 2023
Subrata Roy’s net worth in 2023 is not clear, and different sources provide varying estimates. According to a report by Asianet News, Subrata Roy declared having assets of about 50 million rupees ($915,200) in 2013.
However, other sources suggest that his net worth was much higher. For instance, Odisha Discoms reports that Subrata Roy had a net worth of $2.2 billion in 2023.
Similarly, All Famous Birthday estimates his net worth to be around $5 million in 2023.
Subrata Roy was the founder of the Sahara Group, a major business conglomerate with diversified interests in various sectors such as finance, real estate, media, and hospitality. Over the years, the group expanded its operations and became one of India’s largest conglomerates.
However, the group faced legal troubles and controversies related to financial irregularities, and Subrata Roy was arrested in 2014 for failing to comply with a court order to repay investors in a bond scheme later ruled to be illegal.
What were the contempt-of-court charges against subrata roy
Subrata Roy faced contempt-of-court charges in connection with various legal disputes. In 2013, the Supreme Court of India issued show cause notices of criminal contempt to Subrata Roy and two others for allegedly interfering with the investigation into the 2G spectrum case and the administration of justice.
Additionally, in 2014, Subrata Roy was arrested for failing to appear at a contempt hearing related to a dispute with the Securities and Exchange Board of India (SEBI) and was subsequently held in Tihar jail on contempt charges for failing to comply with a court order to repay investors in a bond scheme later ruled to be illegal.
This led to a prolonged legal battle, during which he spent time in Tihar Jail.
Subrata Roy’s detention was a significant development in the legal and financial landscape, attracting widespread attention and media coverage.