Sahara Group chief Subrata Roy passed away on Tuesday due to a cardiorespiratory arrest after a prolonged illness, a company statement said. He was 75. He was 75. According to the company statement, he passed away at 10.30 pm due to cardio-respiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes.
Sahara India Group, led by Subroto Roy, has been served with a notice over 'illegal construction' at its Sahara Sahar township in Gomti Nagar area of Lucknow.
Sebi's action on Sahara is showing results, but problems remain.
"SIICL, which is one of the group companies belonging to Sahara group, as such cannot transact the business of non- banking financial institutions," RBI said on Friday.
Even as Sebi probed, OFCD money moved across the globe, Aamby Valley (Mauritius) at centre of global transactions; All transactions legal, no Sebi bar on doing business: Sahara
Author Tamal Bandyopadhyay talked about his book Sahara: The Untold Story during a Rediff chat on Friday.
Sebi on Wednesday ordered the attachment of bank and demat accounts of Sahara Group chief Subrata Roy and three others to recover Rs 6.48 crore for violating regulatory norms by two group companies. The recovery proceedings have been initiated against these four persons for violating regulatory norms in the issuance of optionally fully convertible debentures (OFCDs) by two group companies. Apart from Sahara, others whose bank and demat accounts were attached are Ashok Roy Choudhary, Ravi Shanker Dubey and Vandana Bharrgava.
Who's telling the truth? The government? Or the high-profile group with interests in para banking, aviation, real estate and the media?
Who's telling the truth about the Sahara India group? The government of India? Or the high-profile corporate group with interests in para banking, aviation, real estate and the media?
The regulator, in a public notice, said investors of Sahara India Real Estate Corporation Ltd and Sahara Housing Investment Corporation Ltd should take investment decision at their own risk.
The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy. Roy passed away in Mumbai on Tuesday night at the age of 75 after battling a prolonged illness. He faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with ponzi schemes, allegations his group always denied.
Subroto Roy-led Sahara Group's para-banking company on Thursday obtained a stay on Reserve Bank's ban on accepting fresh deposits from investors.A vacation bench at the Lucknow Bench of the Allahabad High Court granted the stay on a petition filed by Sahara India Financial Corp's executive director O P Srivastava and posted the matter for further hearing in last week of July.
Court also questioned market regulator's lack of action.
Integrated entity for realty, infrastructure sector
In a major setback to the Sahara Group, the Supreme Court on Friday directed two of its companies to refund around Rs 17,400 crore to their investors within three months with 15 per cent interest.
An extract from Tamal Bandyopadhyay's book shows that wrangling with regulators is nothing new for the Sahara group. In the 1990s, too, it had run into the income-tax department and had used similar tactics as it is using against Sebi today to deflect the investigation into its affairs.
An extract from Tamal Bandyopadhyay's book shows that wrangling with regulators is nothing new for the Sahara group. In the 1990s, too, it had run into the income-tax department and had used similar tactics as it is using against Sebi today to deflect the investigation into its affairs.
Sahara India Group has pulled out of the race to buy a 51 per cent stake in the financially troubled Liverpool Football Club, one of the most successful clubs in the history of English soccer.
The Sahara India Group on Wednesday renewed its ties with Indian hockey by signing a five-year deal to sponsor the national men's and women's teams.
Sahara group, whose legal battle with Sebi continues in Supreme Court over refund of over Rs 20,000 crore (Rs 200 billion) to investors, has made a surprise announcement of plans being afoot to hire over 56,000 new employees this year along with investments to the tune of nearly Rs 32,400 crore (Rs 324 billion).
The company has terminated his services with effect from June 6, a senior Sahara group official said.
Sahara India chief Subrata Roy says that there is no question of sponsoring the Indian cricket team. However, the group will continue to support the Pune Indian Premier League team.
The Sahara India Group pulled its team Pune Warriors India out of the Indian Premier League following the Board of Control for Cricket in India's decision to encash the bank guarantee after they failed to pay the franchisee fee.
'The India which was all about glamour and razzmatazz through which he could earn the trust of people of the other India, which was Bharat.'
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.
From November 12, Vistara aircraft will be operated under Air India's banner, identifiable by a special four-digit flight code beginning with '2'. For example, flight UK 955 will become AI 2955, making it easier for customers to recognise when booking on airindia.com after this date.
The apex court on August 31 last year directed the two Sahara group companies to refund the money to their investors within three months with 15 per cent interest per annum.
The journalist-turned author will be available for a live chat on rediff.com on Friday, June 6, 3 pm.
The Rs 32,000 crore (Rs 320 billion) Sahara India group will launch its national Hindi news channel and six of its planned 31 city-centric satellite news channels across the country on March 28.
"For the first time in India, Sahara India Pariwar is setting up the largest FMCG company in the country with its own distribution network through over 10,000 franchisee outlets...," Sahara India said in a public announcement.
Sahara group has been engaged in a long-running regulatory and legal battle with Sebi.
The Queen's Baton might have traversed 170,000 Km across the globe without raising a speck of dust, but a barely 24 hour halt in Lucknow propelled the prestigious Commonwealth Games symbol into the thick of a controversy with none other than the Sahara India group in the eye of the storm.
The Supreme Court on Friday directed Sahara Group firm Sahara India Real Estate Corp to approach the Securities Appellate Tribunal against the order of Sebi directing the return of money collected from investors for an OFCD scheme within a period of three weeks.
Regulator has set up a special cell to carry out the refunding operation.
SC wanted to know how it encashed securities deposited with RBI.
Chief metropolitan magistrate Vinod Yadav directed the Delhi Police to execute the warrant against Roy and four other company officials by February 9.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances