Subrata Roy: On Tuesday evening, Sahara Group CEO Subrata Roy passed away. At Mumbai‘s Kokila Ben Hospital, he passed away. His age was seventy-five. The Sahara chief spent several days unwell. Let us tell you about Sahara Shree’s journey to build a multi-billion dollar corporate empire.
Subrata Roy’s Birth and Schooling in Araria
Subrata Roy, who was born in Araria, Bihar, on June 10, 1948, attended school in Kolkata. Next, he arrived in Gorakhpur to enrol in a government college to study engineering. In 1978, Subrata Roy and a friend began selling cookies and namkeen from a motorbike in Gorakhpur itself.
Sahara’s Entry into Financial Services
He formed Sahara Group in 1978. Along with a friend, he started a chit fund company. He started para banking. He targeted the poor and middle class. In the 80s, people earning Rs 100 used to deposit Rs 20 with them. Due to the scheme of investing small amounts, lakhs of people started investing in his company. Both his company and his wealth continued to grow. After this he continued climbing the stairs of success.
Sahara’s Plan Captures the Attention of the Nation
His plan gained notoriety throughout the entire nation. Countless individuals began to join Sahara. Nevertheless, the government outlawed this plan in 1980. During this time, Subrata Roy Sahara started working on housing developments. He then began to broaden his horizons in successive industries. Real estate, banking, infrastructure, media, entertainment, healthcare, hospitality, retail, and information technology had all gained support. Not just in the nation, but all throughout the world, one could hear the voice of the Sahara. For eleven years, Sahara Group served as Team India’s sponsor. Subrata Roy’s wealth increased twofold and then fourfold as Sahara’s business expanded.
Sahara’s Rise to Fame for Luxury Living
Sahara rose to fame for its opulence and way of life. He owns two opulent hotels in New York City, America, valued at over Rs 4400 crore. The development site is located on 113 acres in Barsova, Mumbai, and 313 acres in Abbeyvalley, Mumbai. Subrata built his whole city on 170 acres in Lucknow‘s Gomti Nagar. He possesses 764 acres of land spread across several states in the nation. It is thought that he paid around Rs 500 crore for his sons’ weddings. Numerous well-known figures had been present at the wedding.
Sahara Group’s Sponsorship of the Hockey Squad
The hockey squad is sponsored by Sahara Group, which has long supported the Indian cricket team. The Formula One race holds significant value for the organisation. Sahara has been in the news because of its proximity to famous athletes and movie stars. Many participants selected Aamby Valley to be their favourite location. Sahara made significant investments in Lucknow as well.
The Spark for SEBI’s Investigation
Using Optionally Fully Convertible Debentures (OFCD), the two Sahara Group entities, Sahara India Real Estate Corporation and Sahara Hausing Investment Corporation, raised a total of Rs 17,400 crore from over three crore investors between 2008 and 2011 with the intention of investing in real estate. We’re. The Securities and Exchange Board of India (SEBI) was suspicious of certain inconsistencies in the paperwork Sahara Prime City submitted for an initial public offering (IPO) in September 2009. Meanwhile, a man by the name of Roshan Lal filed a complaint against Sahara with SEBI. Following this, in August 2010, SEBI had mandated an investigation into both firms.
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