The story of Sahara India Pariwar founder Subrata Roy, who died in Mumbai on November 14 aged 75, is the stuff of movies - of a spectacular rise and an equally spectacular fall. Born in Araria, Bihar, Roy was 30 when he set up Sahara in 1978. He started with a capital of about Rs 2,000, a peon, a clerk and his father's Lambretta scooter in Gorakhpur, eastern Uttar Pradesh, writes Tamal Bandyopadhyay in his 2014 book, Sahara: The Untold Story. Sahara was not his first venture.
Battling a long-drawn legal tussle with Sebi, conglomerate Saharas claim to have as many as 4,799 establishments under its fold, but its 'Chief Guardian and Managing Worker' Subrata Roy holds board seats on just a handful of registered group companies.
The Supreme Court has extended the parole of Sahara chief Subrata Roy till July 11 to enable him to deposit Rs 200 crore (Rs 2 billion) with SEBI.
Other London properties, aircraft & offshore accounts are yet to catch the attention of regulators.
The group needs to rustle up Rs 5,000 crore in cash and an equal amount in bank guarantees for bail.
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