Kochi: Sahara India Pariwar founder, Subrata Roy, passed away, media reports said.
He was 75.
Roy died due to cardiorespiratory arrest, the reports quoting a statement of the group said.
Roy was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute on November 12 following a decline in health, the reports said.
Born in Araria in Bihar, Roy established a vast empire including finance, real estate, media, and hospitality.
After completing engineering, he ventured into business in Gorakhpur and took over unhealthy Sahara Finance in 1976. Thereafter there was no looking back.
The group launched Rashtriya Sahara newspaper in 1992, Aamby Valley City project near Pune, Sahara TV among others.
The group acquired London’s Grosvenor House Hotel and New York City’s Plaza Hotel. Time magazine described the group
as the second-largest employer with 1.2 million workforce after Indian Railways.
His problems started following a dispute with Securities and Exchange Board of India (SEBI) over reimbursement of huge money to investors in 2014. He was detained following a Supreme Court order in this connection, the reports said.
The Supreme Court set up a “Sahara-Sebi refund account” for this purpose.
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