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According to the company statement, Roy passed away at 10.30 pm due to cardiorespiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes.
He was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai on Sunday after his health deteriorated, it added.
“His loss will be deeply felt by the entire Sahara India Pariwar,” it said.
One of India’s leading businessmen, Subrata Roy was the founder of Sahara India, a conglomerate with diversified business interests.
Roy received Businessmen of the Year Award in 2002, the Best Industrialist Award in 2002, Vishisht Rashtriya Udaan Samman (2010), Vocational Award for Excellence (2010) by Rotary International, Karmaveer Samman (1995), Udyam Shree (1994), Baba-E-Rozgar Award (1992) and the National Citizen Award in 2001.
In 2012, Roy was named among the 10 most influential businessmen in India.
Legal troubles
Roy was also at the centre of a huge controversy and faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations to create multi-level marketing schemes.
Among various cases faced by the group, capital markets regulator Sebi had ordered Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) in 2011 to refund the money raised from investors through certain bonds known as Optionally Fully Convertible Bonds (OFCDs) after the regulator ruled that the funds were raised by the two firms in violation of its rules and regulations.
After a long process of appeals and cross-appeals, the Supreme Court on August 31, 2012 upheld Sebi’s directions asking the two firms to refund the money collected from investors with 15% interest.
Sahara was eventually asked to deposit an estimated Rs 24,000 crore with Sebi for further refund to investors, though the group always maintained it amounted to “double payment” as it had already refunded more than 95% of investors directly.
(With inputs from agencies)
Watch Sahara Group founder Subrata Roy passes away in Mumbai
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