Subrata Roy, creator of the massive business empire Sahara Group, died on Tuesday, November 14, following an extended struggle with complications originating from metastatic cancer, hypertension and diabetes. Roy was 75. Even though Subrata Roy Sahara was highly well-known for his professional accomplishments, people are still interested in learning about how much was Subrata Roy Sahara net worth.
Subrata Roy Sahara Net Worth
Subrata Roy Sahara net worth was last estimated in 2016. Subrata Roy was a multibillionaire who was rumoured to have a net worth of over $10 billion back then, according to a Forbes report. The founder of the Sahara Group was imprisoned, but his money was kept in non-liquid real estate holdings in India and beyond.
When the Securities and Exchange Board of India (SEBI) prohibited Sahara Group companies from raising money in 2010, Subrata Roy found himself in legal trouble. Also, during the ongoing battle, Sebi failed to find investors, which led to complications in the case.
Sebi fails to find investors, Sahara case gets complicated !! pic.twitter.com/WWB4LQoOtV
— SAHARA INDIA (@saharaindia) October 16, 2014
He was taken into custody in 2014 on contempt charges for failing to pay investors’ money. In the ongoing legal battles over investor deposit repayments, the Supreme Court mandated that Sahara deposit an estimated Rs 24,000 crore with SEBI to receive additional refunds.
Roy, on the other hand, reported having assets in 2013 that came to about $915,200. Roy revealed his assets at the time, which included cash and bank deposits of 3.4 million rupees, fixed deposits of 15.9 million rupees, and gold jewellery valued at roughly 30 million rupees. He made the notable comment that at that time he had no “immovable property” or real estate.
Subrata Roy’s Modest Start
Roy had a modest start in 1978 with a capital of barely Rs 2,000. He was able to construct Sahara India over the years in less than ten years. The Group claims to have 5,000 establishments, 30,970 acres of land bank, 9 crore clients and investors, and a net worth of Rs 259,900 crore on its official website.
Reuters claims that Sahara’s holdings once included the Grosvenor House in London and the Plaza Hotel in New York. Previously, Subrata Roy shared ownership of the Force India Formula One team. With more than 1.2 million employees in 2004, his enterprise ranked second only to Indian Railways. That year, his name was mentioned in the TIME magazine.
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In 2011, the market regulator, SEBI, ordered Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to refund the money raised from investors through certain bonds known as Optionally Fully Convertible Bonds (OFCDs), which were later ruled to be illegal. This led to a legal battle between the two companies and his retail, real estate, and financial services business.
Subrata Roy’s Death
Tuesday, November 14, marked the end of Subrata Roy’s long fight against the consequences of metastatic cancer, hypertension, and diabetes. Roy founded the massive corporate empire Sahara Group. His health declined and on Sunday he was brought to the Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai. Roy is survived by his two kids, Seemanto and Sushanto, as well as his wife Swapna Roy.
Sahara Group Founder’s Death: Tributes Pour In, Subrata Roy Was Suffering From THESE Ailmentshttps://t.co/esfEj2gbnj#newsboxer #headlines #news #latest #breakingnews #trend #viral #social #updates #latestnews #popular #new #sahara #founder #death #tribute #suffer #india #icon pic.twitter.com/VxhgrGcJ4g
— News Boxer (@NewsBoxerDotCom) November 15, 2023
Roy was regarded as one of the nation’s most important businesspeople until ten years ago. Due to his involvement in scandals, legal and regulatory conflicts, and accusations that his group companies utilized Ponzi schemes to evade rules, Roy was only recognized for having deceived investors nationwide in recent years.
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