Subrata Roy Article:
After the demies of Kevin Turen I had writt an article of Indian businessman Subrata Roy (June 10, 1948 – November 14, 2023) started the Sahara India Group in 1978.Among the many companies run by the Sahara India Group were Uttar Pradesh Wizards, Sahara Movie Studios, Aamby Valley City, Air Sahara, and other film-related enterprises.Roy was ranked as the tenth most significant Indian entrepreneur in 2012 by India Today.
A 2004 Time magazine article titled The Sahara Group as the “second largest employer in India after Indian Railways.Over 5,000 locations make up Sahara’s operations in India, and the organization employs about 1.2 million people overall (across offices and sectors).
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Early life Of Subrata Roy:
On June 10, 1948, Subrata Roy was born in Araria, Bengal, into a Hindu Bengali family, Sudhir Chandra Roy and Chhavi Roy. In Dhaka, Bikrampur, Eastern Bengal (now Bangladesh), his parents were from a well-to-do landlord family.
Initially attending the Holi Child Institute in Kolkata, Roy went on to study Mechanical Engineering at the Government Technical Institute in Gorakhpur. In Gorakhpur, he launched his first company.
Business career:
When Subrata Roy joined Sahara Finance in 1976, it was a faltering business that ran a chit fund, which he took over. In 1978, he revised the financial model for it. Sahara allegedly used the long-standing financial model of the Peerless Group. They take very small amounts of deposits and are known as residual non-banking companies (RNBCs).
Roy established his group in Lucknow during the 1990s after relocating there.From there, it developed into the biggest conglomerate with a wide range of commercial interests in India. These days, the company is involved in real estate, media, entertainment, financial services, healthcare, tourism, and hospitality.
In 1992, Rashtriya Sahara, a newspaper published in Hindi, was launched. The massive MB Valley City project, located close to Pune, was started at the end of the 1990s. Launched in 2000, Sahara TV was subsequently rebranded as Sahara One. Sahara launched three weekly publications in 2003: Sahara Aalmi (Urdu), Sahara Samay (Hindi), and Sahara Samay (English).
Sahara purchased the venerable Grosvenor House Hotel in London in 2010, as well as the historic Plaza Hotel and Dream Downtown Hotel in New York City in 2012.
The workforce of Sahara comprises 1.2 million individuals, comprising salaried staff, advisors, field staff, agents, commercial collaborators, and more . After the Indian Railways, which are run by the government, Time magazine named the Sahara Group the “second-largest employer in India” in 2004.
According to reports, Sahara has over 9 crore depositors and investors, or roughly 13% of all Indian families.
Subrata Roy intended to introduce EduGuru, an online education initiative aimed at small towns and villages in India. He put together an international team with members from prestigious universities and colleges as well as from all over India . For this initiative, a program roadmap and fourteen thousand hours of lectures were produced .
Roy declared his intention to enter the automotive industry in June 2019 and would use the name “Sahara Evols.” In addition to electric vehicles (EVs), Sahara Evols hopes to provide a wide range of cutting-edge services.
Legal Issues Of Subrata Roy:
The arrest of Subrata Roy was ordered by the Supreme Court of India on February 26, 2014, because Roy had neglected to show up for a court hearing regarding a legal dispute with the market regulator, the Securities and Exchange Board of India (SEBI). After Roy’s arrest, his attorney claimed that Roy couldn’t properly appear in court because Roy’s mother, who is 92 years old, was ill and needed her “elder son” to be present. Roy was detained at Delhi’s Tihar Jail and was granted parole in May 2016 due to his repeated failure to appear in court throughout the ongoing legal dispute. Permission was given for Sahara to raise money by selling a portion of its property in India. Complexities of finances
Because Roy opposed Sonia Gandhi being the nation’s prime minister, he called the Indian National Congress witchcraft and rejected accusations of corruption.
First, on March 26, 2014, the Supreme Court granted him interim bail with the requirement that he deposit ₹10,000 crores with SEBI.Reference, He did not pay the amount of the deposit. Roy was trying to sell a few of his hotel properties until August 2014 in order to get enough money. Roy was given his first bail in May 2017 so that he could complete his mother’s final ceremonies for four weeks. This bail was later extended until October 24.He has been successful in getting his bail extended ever since on a number of grounds. Sahara’s entire liability remained unpaid as of January 31, 2019, at ₹10,621 crores.According to Roy, the business has a stable financial situation and has three to five times more assets than liabilities to depositors. Additionally, Sahara deposited ₹22,500 crores, which, since it has already reimbursed 95% of its investors, will be returned to Sahara India at the appropriate time.
Death:
After a protracted battle, Subrat Roy, 75, died on November 14, 2023, from complications resulting from diabetes, high blood pressure, and metastatic lethality. Subrat Roy was admitted to the Kokilaben Dhirubhai Ambani Hospital and Medical Research Institute in Mumbai on Sunday due to a deterioration in his health.
Recognition and Awards:
From East London University, Roy received an honorary doctorate in business leadership in 2013. He was named an IT-TV icon in 2007 and won the Business Icon of the Year award at the Powerbrands Hall of Fame Awards in London in 2011. In addition, in 2004 he was awarded the Global Leadership Award.Roy was honored with the 2002 Businessman of the Year and Best Industrialist awards. 2010 saw him receive the Special National Aviation Award from one of India’s premier media outlets. He also won the Karmaveer Puraskar in 1995, the Udyam Shri award in 1994, the Baba-e-Rozgar award in 1992, the National Citizen Award in 2001, and the Rotary International Vocational Award for Excellence in 2010.
Along with the prestigious D. Litt degree from Lalit Narayan Mithila University in Darbhanga, Roy was also honored by the Indian Television Academy Awards with the General Jury Award.
Roy has made India Today’s list of the 50 most powerful people in the nation every year since 2003. According to some estimates, he was the tenth most important businessman in 2012.
