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.
'My wife, family members as well as members of the workers will be trustees.' 'The trust will take all decisions -- no family member can individually take any decision.'
The move comes a full four years before the deadline set by the Reserve Bank of India.
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.
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