Subrata Roy's mortal remains to be brought to Lucknow
What's the story
Subrata Roy, the founder and chairman of Sahara Group, passed away on Tuesday night at a Mumbai hospital following a protracted illness. He was 75.
His mortal remains will be taken to Lucknow, Uttar Pradesh, for the last rites scheduled on Thursday.
Roy died battling issues related to diabetes, hypertension, and metastatic malignancy, the company said in a statement.
He is survived by his wife, Swapna Roy, and two sons, Sushanto Roy and Seemanto Roy, who live overseas.
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Last rites in Lucknow: Chetan Upadhyaya of Satya Foundation
Founder-secretary of Satya Foundation, Chetan Upadhyaya, expressed grief over Roy's demise.
He also confirmed that Roy's mortal remains will be taken to Lucknow, with the last rites likely to take place on Thursday.
"It is a sad day today... He (Roy) had started his journey from scratch. He was a highly spiritual person," Upadhyaya told media.
"The mortal remains will be taken to Lucknow...and most possibly, the last rites will be performed the day after tomorrow," he said on Tuesday.
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Roy's journey, achievements
Born in Araria, Bihar, in 1948, Roy started Sahara India with a humble capital of Rs. 2,000.
He later relocated to Lucknow in the 1990s and established it as the Sahara Group's headquarters.
Time magazine once lauded the company as India's second-largest employer after Indian Railways.
Under Roy's guidance, Sahara ventured into various industries like newspapers, television, and real estate. It even acquired iconic international properties like London's Grosvenor House Hotel and New York City's Plaza Hotel in the 2000s.
What Next?
Samajwadi Party chief Akhilesh Yadav pays tribute to Roy
Roy was known for maintaining friendships across the film industry and the political realm, too.
He notably had strong connections with the Samajwadi Party and its late supremo Mulayam Singh Yadav.
Soon after Roy's death, SP chief and ex-UP Chief Minister Akhilesh Yadav expressed his condolences.
Akhilesh termed him termed his death as an "emotional loss for Uttar Pradesh and the country", calling him "a very sensitive person with a big heart" who helped countless people.
Insights
Controversies surrounding Sahara, legal troubles
Amid the massive growth under Roy, Sahara also encountered several challenges, especially the Sahara chit-fund scam.
The Securities and Exchange Board of India (SEBI) took action against Roy for allegedly amassing over Rs. 24,000cr from three crore people.
He was imprisoned in 2014 for not paying an outstanding Rs. 10,000cr. After two years, he was granted parole in 2016.
Earlier this year, a website was launched for Sahara Group of Cooperative Societies depositors to request refunds within 45 days.