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.
Continuing with its tradition to disregard the Right to Information (RTI) Act, the Reserve Bank of India (RBI) once again failed to uphold the provisions of the Act by not sharing information on bank inspection reports. In fact,
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Terming Sahara India Financial Corp Ltd as an entity not fit & proper , market regulator Securities and Exchange Board of India (SEBI) has cancelled registration of the Sahara group unit as sub-broker of National Stock Exchange (NSE) and BSE.
In an order, G Mahalingam, whole-time member (WTM) of SEBI, says, Subrata Roy Sahara is a promoter and continues to hold substantial shareholding in Sahara India Financial Corp and therefore, is also capable of exercising control and influence over the management of the Sahara India Financial Corp, thereby making it not a ‘fit and proper person’ in terms of Regulation 7(2)(e) read with Schedule II of the Intermediaries Regulations, to continue to act as a sub-broker.