A tycoon of the masses, so to speak, Roy found his fortune by inserting himself in the huge financial gaps of India of the eighties when banking had not reached the large swathes of the country s interiors and played in the twilight zones of regulation of those times.
Sahara Group Chairman Subrata Roy passes away at 75 after prolonged illness thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
Roy and two other directors, Ravi Shankar Dubey and Ashok Roy Choudhary, were arrested for failure of the for failure of the group's two companies Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) to comply with the court's August 31, 2012 order to return Rs 25,000 crore to their investors
It was March 4, 2014 when Sahara chief Subrata Roy came to the Supreme Court to appear in pursuance to a non-bailable warrant against him for failing to deposit Rs 25,700 crore in the SEBI-Sahara case for returning investors' money.