Subrata Roy: Difference between revisions

| name               = Subrata Roy

| image             = Subrata Roy.jpg

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| birth_name         =  

| birth_date         = {{Birth date and age|1948|6|10|df=yes}}

| birth_place       = [[Araria]], [[Bihar]], [[Dominion of India|India]]

| death_date         = <!-- {{Death date and age|df=yes|YYYY|MM|DD|YYYY|MM|DD}} or {{Death-date and age|df=yes|Month DD, YYYY|Month DD, YYYY}} (death date then birth date) -->

| death_cause       =  

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| nationality        = Indian

| ethnicity          =

| citizenship        = India | education          = Mechanical Engineering from Government Technical Institute, Gorakhpur, Uttar Pradesh

| occupation         = Managing Worker and Chairman of [[Sahara India Pariwar]]

| years_active       = 1978 – present

| employer           =  

| term               =  

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| successor         =  

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| opponents         =  

| boards             =  

| spouse             = Swapna Roy

| partner           =  

| children           = 2 sons (Sushanto Roy & Seemanto Roy)

| signature         =  

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| networth           =  

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'''Subrata Roy''' (born 10 June 1948) is the Managing Worker and Chairman of [[Sahara India Pariwar]], an Indian conglomerate with diversified businesses and assets including [[Aamby Valley City]], and India's largest land bank spread in cities across India. Roy founded the company in 1978.

He was named among the 10 Most Powerful People of India in 2012 by ''[[India Today]]''. In 2004, Sahara group was termed by [[Time (magazine)|''Time'' magazine]] as 'the second largest employer in India after [[Indian Railways]]. The group operates through more than 5,000 establishments spread across India<ref>{{cite book|last1=Tamal|first1=Bandyopadhyay|title=Sahara: The Untold Story|date=June 2014|publisher=Jaico Publishers|location=Delhi, India|edition=1|url=https://www.amazon.com/Sahara-Untold-Story-Tamal-Bandyopadhyay-ebook/dp/B00KS46HQO|access-date=11 February 2015}}</ref> and has a workforce of around 1.2 million (both field and office) under the Sahara India umbrella.<ref>{{Cite web|url=http://www.firstpost.com/business/saharas-subrata-roy-is-planning-a-comeback-and-high-on-his-priority-is-online-education-4161227.html|title=Sahara's Subrata Roy is planning a comeback and high on his priority is online education - Firstpost|website=www.firstpost.com|access-date=2018-07-09}}</ref>

Subrata Roy was born in Bengali Hindu family in [[Araria]] on 10 June 1948<ref>{{cite web |title=Subrata Roy birth date and place |url=https://medium.com/@subrataroysahara/sahara-india-founder-subrata-roy-turns-70-here-are-7-interesting-facts-about-the-saharashri-76979986dcb8 |publisher=[[Medium (website)|Medium]]}}</ref> to Sudhir Chandra Roy and Chhabi Roy.<ref>{{cite web|url=http://www.thedailystar.net/newDesign/news-details.php?nid=235474|title=India's Sahara Group |publisher=thedailystar.com |date=2012-05-24 |access-date=2012-05-27}}</ref><ref>বাঙ্গালীর বিত্ত সাধনা সাহারার ইতিকথা, (Bangalir Vitta Sadhana: Saharar Itikatha), [[Mani Shankar Mukherjee]], 2003</ref> He studied at Holy Child School in [[Kolkata]] and later studied mechanical engineering from Government Technical Institute, Gorakhpur.<ref>{{cite web|url=http://business.mapsofindia.com/business-leaders/subroto-roy.html|title=Subroto Roy Biography|publisher=mapsofindia.com |date=2011-02-23 |access-date=2011-02-27}}</ref> Roy started his first business in [[Gorakhpur]].<ref>{{cite web|url=http://timesofindia.indiatimes.com/city/calcutta-times/Im-serious-about-Tollywood-Subrata-Roy/articleshow/47318861.cms|title=Subrata Roy |publisher=timesofindia.com |date=2003-07-10 |access-date=2004-07-11}}</ref><ref>{{cite web |url=http://www.newagebd.com/detail.php?date=2012-05-24&nid=11326 |title=Sahara India |publisher=newagebd.com |date=2012-05-24 |access-date=2012-05-27 |url-status=dead |archive-url=https://web.archive.org/web/20131102030950/http://www.newagebd.com/detail.php?date=2012-05-24&nid=11326 |archive-date=2 November 2013 |df=dmy-all }}</ref>

Roy joined Sahara Finance, a struggling company, in 1976,<ref>{{cite web|url=http://www.theaustralian.com.au/business/in-depth/owner-of-pune-warriors-runs-sahara-india-pariwar-as-managing-worker/story-e6frgaho-1225863044409 |title=Owner of Pune Warriors runs Sahara India Pariwar as managing worker|publisher=THE AUSTRALIAN |date=2010-05-06|access-date=2011-09-12}}</ref><ref>{{cite web|url=http://investing.businessweek.com/businessweek/research/stocks/private/person.asp?personId=30295315&privcapId=10851474&previousCapId=20375105&previousTitle=Sahara%20Housingfina%20Corporation%20Ltd |title=Subrata Roy Sahara|publisher=businessweek.com |access-date=2011-09-12}}</ref> that ran a [[chit fund]]<ref>{{Cite news|url=http://www.scmp.com/article/503996/sahara-chief-money-all-safe-and-well|title=Sahara chief, money all safe and well|work=South China Morning Post|access-date=2018-07-09|language=en}}</ref> and took it over. He changed its financial model in 1978. Sahara is said to have used the financial model of much older [[Peerless Group]]. They are termed residuary non-banking companies (RNBCs)<ref>[http://articles.economictimes.indiatimes.com/2005-05-18/news/27494539_1_discretionary-investments-rnbcs-risk-weightage RBI eases pressure on Sahara, Peerless, Sugata Ghosh, TNN 18 May 2005]</ref> that accept deposits of very low amounts.

In the 1990s, Roy moved to Lucknow which became the base of his group.<ref>{{Cite news|url=http://economictimes.indiatimes.com/news/politics-and-nation/subrata-roy-sahara-chief-has-friends-across-political-glamour-spectrum/articleshow/31199146.cms|title=Subrata Roy, Sahara chief, has friends across political, glamour spectrum|last=Rai|first=Manmohan|date=2014-03-01|work=The Economic Times|access-date=2018-07-09}}</ref> His Sahara City project covering 217 self-sufficient townships was launched in the 1990s.<ref>[http://www.pardaphash.com/news/subrata-roys-sahara-city-stands-on-scandalous-base/717828.html Subrata Roy's 'Sahara City' Stands on Scandalous Base, Shobhit Kalra,  7 Jul 2013] {{Webarchive|url=https://web.archive.org/web/20140809044608/http://www.pardaphash.com/news/subrata-roys-sahara-city-stands-on-scandalous-base/717828.html |date=9 August 2014 }}</ref> From there, it went on to become the largest conglomerate of India with a diversified range of business interests. The company now has interests in [[financial services]], education, real estate, media, entertainment, tourism, healthcare, and [[hospitality]].

The Hindi newspaper [[Rashtriya Sahara]] was started in 1992. In the late 1990s, the ambitious [[Aamby Valley City]] project near Pune was initiated. In 2000, Sahara TV was launched which was later renamed [[Sahara One]].

In 2010, Sahara purchased the iconic [[Grosvenor House Hotel]] in London,<ref>{{Cite news|url=https://nypost.com/2013/11/18/family-makes-1-61b-bid-for-plaza-hotel-report|title=Sale of Plaza Hotel had to happen|date=2013-11-18|work=New York Post|access-date=2018-07-09|language=en-US}}</ref> and 2012 the historic [[Plaza Hotel]] and Dream Downtown Hotel in New York City.<ref>{{Cite news|url=http://india.blogs.nytimes.com/2012/08/01/indian-conglomerate-buys-new-yorks-plaza-hotel/?_php=true&_type=blogs&_r=0|title=Indian Conglomerate Buys New York's Plaza Hotel|last=Thirani|first=Neha|work=India Ink|access-date=2018-07-09|language=en}}</ref>

Sahara has a workforce of around 1.2 million including Salaried Employees, Consultants, Field Workers, Agents & Business Associates, etc.<ref>[http://articles.economictimes.indiatimes.com/2013-01-12/news/36296217_1_pf-department-sahara-india-employees-provident-fund Sahara India under PF Department's scanner; the company asked to submit all employee details, Vikas Dhoot, ET Bureau 12 Jan 2013]</ref> In 2004, Sahara group was termed by Time magazine as "the second-largest employer in India" after the Government-run Indian Railways.

Sahara is said to have 9 [[crore]] plus investors and depositors, representing about 13% of all households in India.<ref>{{Cite web|url=http://www.firstpost.com/india/saharas-phantom-investors-why-subrata-roys-numbers-dont-add-up-1414025.html|title=Sahara's phantom investors: Why Subrata Roy's numbers don't add up - Firstpost|website=www.firstpost.com|access-date=2018-07-09}}</ref>

Roy has been planning to foray into online education (edunguru) in India, which is targeted at small towns and villages. He has put a team in place which consists of members from top universities and colleges across India, and even abroad.<ref>{{Cite web|url=http://www.firstpost.com/business/saharas-subrata-roy-is-planning-a-comeback-and-high-on-his-priority-is-online-education-4161227.html|title=Sahara's Subrata Roy is planning a comeback and high on his priority is online education - Firstpost|website=www.firstpost.com|access-date=2018-07-09}}</ref> The route map of the program has been prepared, and 14,000 hours of lectures has been developed for this.<ref>{{Cite news|url=https://timesofindia.indiatimes.com/city/ranchi/sahara-eyes-slice-of-online-education-sector/articleshow/61792105.cms|title=Sahara eyes slice of online education sector - Times of India|work=The Times of India|access-date=2018-07-09}}</ref>

In June 2019 Roy announced his foray into the [[Car|automobile]] sector under the brand name 'Sahara Evols'. The Sahara Evols venture will offer a wide range of [[Electric vehicles in India|electric vehicles]] (EVs) along with advanced allied services.<ref>{{Cite news|agency=Press Trust of India|date=2019-06-04|title=Subrata Roy's Sahara enters automobile sector; to offer wide range of EVs|work=Business Standard India|url=https://www.business-standard.com/article/pti-stories/sahara-makes-foray-into-ev-business-119060400863_1.html|access-date=2021-01-14}}</ref><ref>{{Cite web|date=2019-06-04|title=Subrata Roy’s Sahara enters EV market: Sahara Evols to sell electric two, three-wheelers and cargo vehicles|url=https://www.financialexpress.com/auto/car-news/subrata-roys-sahara-enters-ev-market-sahara-evols-to-sell-electric-two-three-wheelers-and-cargo-vehicles/1597827/|access-date=2021-01-14|website=The Financial Express|language=en-US}}</ref>

In 2013, Sahara contributed to the relief efforts in flood hit [[Uttarakhand]] region wherein one [[lakh]] bottles of drinking water, packaged juice and food packets along with candles and match boxes were said to be provided by them. There were 25 medical health unit vans equipped with doctors and free medicines made available and it was said by the group that, they will contribute to the rehabilitation programme by constructing 10,000 pre-fabricated houses.<ref>{{cite web|url=http://timesofindia.indiatimes.com/business/india-business/Sahara-joins-Uttarakhand-relief-work/articleshow/20735878.cms |title=Sahara joins Uttarakhand relief work - The Times of India |publisher=Timesofindia.indiatimes.com |access-date=2014-03-05}}</ref>

Post [[Kargil War]], the then Prime Minister of India [[Atal Bihari Vajpayee]] praised [[Sahara India]] led by Subrata Roy Sahara for providing financial support to the 127 families of martyrs.<ref>{{cite web|url=https://www.youtube.com/watch?v=p0RpIXk8RpA|title=Subrata Roy Sahara - ex PM Vajpayee thanks Sahara India Pariwar|publisher=YouTube}}</ref>

Subrata Roy owned Hotel Sahara Star [[Mumbai]] has joined hands with Feeding India to give back to the society. As a part of its CSR initiatives, the hotel will be providing food to the ones in need.<ref>{{Cite web|last=Ankita|date=2019-02-18|title=Sahara India Pariwar’s Mumbai hotel joins hands with Feeding India as a CSR initiative|url=https://crossbarriers.org/sahara-india-pariwars-hotel-joins-hands-feeding-india/|access-date=2021-01-21|website=Cross Barriers|language=en-US}}</ref>

He has been also awarded with honorary degree of [[D. Litt.]] by [[Lalit Narayan Mithila University]], Darbhanga.<ref>{{cite web|url=http://articles.timesofindia.indiatimes.com/2011-05-17/lucknow/29551691_1_d-litt-subrata-roy-degree |archive-url=https://web.archive.org/web/20120327064527/http://articles.timesofindia.indiatimes.com/2011-05-17/lucknow/29551691_1_d-litt-subrata-roy-degree |url-status=dead |archive-date=2012-03-27 |title=Mithila varsity confers D Litt on Subrata Roy |date=2011-05-17 |work=[[The Times of India]] |access-date=2011-08-05}}</ref>

On 26 February 2014, the Supreme Court of India ordered the detention of Roy for failing to appear before it in connection with legal dispute with [[Securities and Exchange Board of India|Market Regulator - SEBI]].<ref>{{cite web|title=Subrata Roy Sahara surrenders before Police in Lucknow|url=http://news.biharprabha.com/2014/02/subrata-roy-sahara-surrenders-before-police-in-lucknow/|work=IANS|publisher=news.biharprabha.com|access-date=28 February 2014}}</ref> In a statement after the arrest, his lawyer said Roy's 92-year-old mother was in poor health and needed "her eldest son" by her side, and hence he failed to appear at the court.<ref>{{cite web|last=Roy|first=Subrata|title=Profile of Subrata Roy|url=https://www.bbc.com/news/world-asia-india-26349549|work=Profile|publisher=BBC|access-date=28 February 2014}}</ref>  As he failed to appear in the court during the ongoing legal battle, Roy was held in custody in the Tihar Jail, Delhi and is now out on parole since May 2016. Sahara was allowed to sell a part of its assets in India to raise part of the money in question.<ref>{{Cite news|url=http://in.reuters.com/article/sahara-subrata-roy-supreme-court-idINKBN0EF0NY20140604|title=Supreme Court again rejects Sahara chief Roy's bail plea|last=Editorial|first=Reuters|work=IN|access-date=2018-07-09|language=en-IN}}</ref>

Initially he was granted interim bail by Supreme Court of India on 26 March 2014 on condition of depositing ₹10,000 crore with the market regulator SEBI.<ref>{{cite web|title=SC grants conditional bail to Sahara chief Subrata Roy|url=http://timesofindia.indiatimes.com/india/SC-grants-conditional-bail-to-Sahara-chief-Subrata-Roy/articleshow/32719977.cms|publisher= Times Of India| access-date=26 March 2014}}</ref>  His deposit of ₹10,000 crore has not been made.<ref>{{cite news |url=http://in.reuters.com/article/sahara-subrata-roy-supreme-court-idINKBN0EF0NY20140604 |title=Supreme Court again rejects Sahara chief Roy's bail plea |newspaper=Reuters | date=4 June 2014 | access-date=20 August 2014}}</ref>  As of August 2014, Roy was trying to sell some of his hotel properties to raise enough money.<ref>{{cite news | url=http://timesofindia.indiatimes.com/business/india-business/From-Tihar-jail-Sahara-chief-Subrata-Roy-tries-to-sell-the-New-York-Plaza/articleshow/39987868.cms |title=From Tihar jail, Sahara chief Subrata Roy tries to sell the New York Plaza |newspaper=Times of India |date=10 August 2014 |access-date=20 August 2014}}</ref> Roy was granted his first bail in May 2017 for four weeks to perform the last rites for his deceased mother, later extended to 24 October.<ref>{{Cite news|url=http://timesofindia.indiatimes.com/india/SC-extends-Subrata-Roys-interim-bail-till-October-24/articleshow/54564465.cms|title=SC extends Subrata Roy's interim bail till October 24 - Times of India ►|work=The Times of India|access-date=2018-07-09}}</ref> Since then he has been successful in getting his bail extended on various grounds.  As of 31 January 2019, Sahara still had to pay ₹10,621 crore to meet its total liability.<ref>{{Cite web|url=https://www.livemint.com/news/india/sebi-sahara-case-supreme-court-summons-subrata-roy-to-be-present-in-court-on-28-1548937124330.html|title=SC summons Subrata Roy over unpaid dues|last=Mittal|first=Priyanka|date=2019-01-31|website=Mint|language=en|access-date=2019-07-10}}</ref>

<ref>{{Cite news|url=https://timesofindia.indiatimes.com/city/patna/sahara-has-repaid-95-investors/articleshow/61744486.cms|title=‘Sahara has repaid 95% investors’ - Times of India|work=The Times of India|access-date=2018-07-09}}</ref>  

The Securities And Exchange Board of India (SEBI) has repaid only ₹64 crore to the investors since 2012.<ref>{{Cite news|url=https://www.bloombergquint.com/law-and-policy/2017/10/06/subrata-roy-says-sahara-had-to-make-double-payment-for-a-single-liability|title=Subrata Roy Says Sahara Had to Make Double Payment For A Single Liability|work=Bloomberg Quint|access-date=2018-07-09|language=en}}</ref> It is also been reported that Sahara has paid ₹725.97 crore as TDS (tax deducted at source) to the Income Tax Departments on the interest which along with investment was repaid to 95 percent of the investors, between 2009–10 and 2012-13. The income tax authorities had found that the beneficiary investors were existent and accordingly confirmed the repayments made in those particular years. One of Sahara's arguments in the apex court revolves around the fact that if one government body has found investors, why can't the other.<ref>{{Cite web|url=http://www.firstpost.com/business/saharas-subrata-roy-is-planning-a-comeback-and-high-on-his-priority-is-online-education-4161227.html|title=Sahara's Subrata Roy is planning a comeback and high on his priority is online education - Firstpost|website=www.firstpost.com|access-date=2018-07-09}}</ref>

On 28 August 2020, two petitions were filed against the release of the [[Netflix]] documentary [[Bad Boy Billionaires: India]] in the Bihar district court. The Bihar court passed an interim stay order on the petition filed by Subrata Roy against the release of the documentary on the Netflix platform. Following the stay order by the Bihar court, Netflix threatened to move the [[Supreme Court of India|Supreme Court]] against the court order for restraining the documentary release.<ref>{{Cite news|last=Ohri|first=Raghav|title=Netflix {{!}} Bad Boy Billionaires: Netflix to move SC against Bihar court order restraining use of Subrata Roy's name in 'Bad Boy Billionaires'|work=The Economic Times|url=https://economictimes.indiatimes.com/magazines/panache/netflix-to-move-sc-against-bihar-court-order-restraining-use-of-subrata-roys-name-in-bad-boy-billionaires/articleshow/77844918.cms|access-date=2020-09-02}}</ref>  

On 5th October 2020, Netflix released three out of four films in the anthology, including those featuring [[Vijay Mallya]] ("The King of Good Times"), [[Nirav Modi]] ("Diamonds Aren't Forever") and Subrata Roy ("The World's Biggest Family"), while the final episode about [[Ramalinga Raju]] remained encumbered by legal injunctions and as of December 2020 has yet to be released.<ref>{{Cite web|title=Netflix releases all episodes of 'Bad Boy Billionaires' except the final episode about Ramalinga Raju |url=https://economictimes.indiatimes.com/magazines/panache/netflix-releases-all-episodes-of-bad-boy-billionaires-except-b-ramalinga-rajus/articleshow/78485210.cms|access-date=2020-10-05|website=IndiaTimes}}</ref>

* [http://sahara.in/saharasri Official Website of 'Saharasri' Subrata Roy Sahara]