Sahara Group chief Subrata Roy died of a heart attack on Tuesday. He was 75 years old. His company issued a statement saying that the Sahara chief was admitted to Kokilaben Dhirubhai Ambani Hospital in Mumbai on Sunday after his health deteriorated. According to the statement, Subrata Roy, who was suffering from various diseases including high blood pressure and diabetes for a long time, died at 10.30 pm due to a heart attack. “It is with great sadness that Sahara India Parivar announces the demise of Honorable ‘Saharashree’ Subrata Roy Sahara, Managing Director and Chairman of our Sahara India Parivar,” the group said in a statement, calling him an inspirational leader and visionary. It said, “The loss caused by his demise will be deeply felt by the entire Sahara India family. Saharashree ji was a guiding force, a mentor and a source of inspiration to all who had the privilege of working with him.” According to the statement, the Sahara India family is committed to maintaining Roy’s legacy and taking the organization forward. Will continue to respect his vision in enhancing.
Let us tell you that Subrata Roy built a huge business empire in the retail, real estate and financial services sectors. Born in Bihar and starting his business with Rs 2,000 from a rented room in Gorakhpur, the Sahara chief had once taken his business to Rs 2 lakh crore. His company ventured into various fields including media, aviation, finance, real estate and achieved success and Sahara India was also the main sponsor of the Indian cricket team for 11 years. There came a time when Sahara chief had to go to jail and spent almost two years behind bars.
During his lifetime, the Sahara chief hosted many big personalities from politics, media, entertainment, industry and sports at his home, although he was also at the center of a major controversy and had to face several regulatory and legal battles in relation to his group companies. were accused of circumventing rules to create multi-level marketing schemes. SEBI in 2011 had ordered Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) to return the money raised from investors. The regulator had ruled that both companies had raised funds in violation of its rules and regulations. The Supreme Court had on August 31, 2012, upheld SEBI’s directions asking both the companies to return the money taken from investors with 15 percent interest. Ultimately Sahara was asked to deposit an estimated Rs 24,000 crore with SEBI for refund to investors. However, the group always maintained that this was a “double payment” as it had already returned more than 95 per cent of the money directly to investors.
On the other hand, after the death of Sahara Group chief Subrata Roy, the undistributed amount of more than Rs 25,000 crore lying in the account of capital markets regulator SEBI has again become a topic of discussion. Let us tell you that according to the latest annual report of the capital markets regulator, the Securities and Exchange Board of India (SEBI) returned Rs 138.07 crore to the investors of two Sahara Group companies in 11 years. Meanwhile, deposits in bank accounts specially opened for repayment have increased to more than Rs 25,000 crore. Most of the bondholders of the two Sahara companies did not make any claims regarding this and the total amount increased by about Rs 7 lakh in the last financial year 2022-23, while the balance in the SEBI-Sahara repayment accounts increased by Rs 1,087 crore during this period.
According to the annual report, SEBI received 19,650 applications involving 53,687 accounts till March 31, 2023. Of these, “a total amount of Rs 138.07 crore was returned for 17,526 applications related to 48,326 accounts, which also includes interest amount of Rs 67.98 crore.” The remaining applications could not be traced through the information provided by the two Sahara Group companies. They were closed due to lack of availability. In its last update, SEBI had said the total amount related to 17,526 applications till March 31, 2022 was Rs 138 crore. SEBI said that the total amount deposited in nationalized banks till March 31, 2023 is about Rs 25,163 crore.