Subrata Roy

Subrata Roy
Born (1948-06-10) 10 June 1948
Araria, Bihar, India
Residence Lucknow, India
Nationality Indian
Other names Fondly called 'Saharasri' by his fans
Occupation Managing Worker and Chairman of Sahara India Pariwar
Years active 1978 – present
Spouse(s) Swapna Roy
Children 2
Website Official webpage

Subrata Roy (Bengali: সুব্রত রায়, Hindi: सुब्रत रॉय) (born 10 June 1948) is an Indian businessman.He is the Managing Worker and Chairman of Sahara India Pariwar, an Indian conglomerate with diversified businesses. Roy founded the controversial non-banking company[1] Sahara in 1978. In 2014, Roy went to Tihar jail for having not been able to return investor money.[2]

He was named among the 10 Most Powerful People of India in 2012 by India Today. In 2004, Sahara group was termed by the Time magazine as ‘the second largest employer in India' after Indian Railways. The group has operated in more than 5,000 establishments spread across India[3] and formerly had a total workforce of around 1.4 million, mostly field agents under the Sahara India umbrella.[4]

Early life

Subrata Roy was born in Araria in Bihar, India 1948[5] to Sudhir Chandra Roy and Chhabi Roy.[6][7] He studied at Holy Child School in Kolkata and later studied mechanical engineering from Government Technical Institute, Gorakhpur.[8] Roy started his first business in Gorakhpur.[9][10]

Business career

Roy joined Sahara Finance, a struggling company, in 1976,[11][12] that ran a chit fund[13] 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)[14] that accept deposits of very low amounts.

In the 1990s, Roy moved to Lucknow which became the base of his group.[15] His Sahara City project covering 217 Self sufficient townships was launched in the 1990s.[16] 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 2003, Sahara started three weeklies: Sahara Time (English), Sahara Samay (Hindi) and Sahara Aalmi (Urdu).[17]

In 2010, Sahara purchased the iconic Grosvenor House Hotel in London,[18] and 2012 the historic Plaza Hotel and Dream Downtown Hotel in New York City.[19]

Sahara have a workforce of around 1.4 million, including salaried employees and field workers.[20] In 2013, 121,653 of its employees gathered in Lucknow to sing India's national anthem, setting a world record.[21]. In 2004, Sahara group was termed by the Time magazine as 'the second largest employer in India' after the Government run Indian Railways.

Sahara is said to have 29.6 million investors and depositors, representing about 8.5% of all households in India.[22]

Subrata Roy has been planning to foray into online education 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.[23] The route map of the program has been prepared, and 14,000 hours of lectures has been developed for this.[24]

Humanitarian efforts

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.[25]

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.[26]

Awards and honors

Roy received an honorary doctorate in business leadership from the University of East London (2013).[27]

He also received the Business Icon of the Year award at the Powerbrands Hall of Fame Awards in London in 2011.[28] He has been the ITA – TV Icon of the Year 2007. He has received the Global Leadership Award in 2004. He received Businessmen of the Year Award in 2002, the Best Industrialist Award in 2002, Vishisht Rashtriya Udaan Samman (2010) by a daily from one of India’s top publication houses, Vocational Award for Excellence (2010) by Rotary International, Karmaveer Samman (1995), Udyam Shree (1994), Baba-E-Rozgar Award (1992) and the National Citizen Award in 2001. He was awarded a general jury award by the Indian Television Academy Awards.[29] He has been also awarded with honorary degree of D. Litt. by Lalit Narayan Mithila University, Darbhanga.[30] Moreover, he has been featured regularly in the India Today list of 50 Most Powerful People of India, since 2003.{ref?}

In 2012, Roy was named among the 10 most influential businessmen in India by the news magazine India Today.[31]

In 2004, Sahara India was termed by Time magazine as "the second largest employer in India" after Indian Railways.[32][33]

Work philosophy

Roy has propounded the corporate philosophy of 'Collective Materialism',[34] that advocates collective growth through collective sharing and caring. He has given lectures on the corporate philosophy propounded by him at Harvard University, IIT (Indian Institute of Technology), IIM (Indian Institute of Management), Banares Hindu University and many other institutions.

He has written the following books -

  • "Shanti, Sukh: Santushti" 1994, Essays on peace of mind and happy living.[35]
  • "Maan, Samman, Atmasamman"[36]
  • "Life Mantras" [37] - "Life Mantras" was released on 2 February 2016 in 5,120 public events across India. The book is the first of the trilogy written by Roy. The book was the best seller and was among the top 5 in the bestseller chart of Neilsen for 4 consecutive weeks. According to Nielsen, bestseller list, ‘Life Mantras’ topped the chart by ranking number one and has become bestseller in the non-fiction category of Nielsen BookScan. The Nielsen BookScan service, which happens to be the world’s largest continuous book sales tracking service operating in India, the UK, Ireland, Australia, US, South Africa, New Zealand, Italy, Brazil and Spain, collects total transaction data at the point of sale directly from the tills and dispatch systems of all major book retailers. Nielsen collects data from online and offline booksellers.[38][39]
  • "Think With Me"[40] - The second book of his Trilogy, was launched on the 18th day of December 2016,[41] at the national 'Think With Summit'. The event proved to be a melting pot of ideas from visionaries and thought leaders. This edition talks about the importance of leadership and aligned all efforts towards the nation.

On 26 February 2014, the Supreme Court of India ordered the detention of Roy for failing to appear before it in connection with the Rs. 24,000 crore deposits his company has not refunded to investors. He was eventually arrested on 28 February 2014 by Uttar Pradesh police on Supreme Court's warrant, in a dispute with Market Regulator - SEBI.[42] 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.[43] As he failed to appear in the court during the ongoing legal battle, Roy was held in custody in the Tihar Jail, Delhi and 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.[44] He was granted interim bail by Supreme Court of India on 26 March 2014 on condition of depositing Rs 10,000 crore with the market regulator SEBI.[45] His deposit of 10,000 crore has not been made.[46] As of August 2014, Roy was trying to sell some of his hotel properties to raise enough money.[47] Roy was granted his first bail for four weeks to perform the last rites for his deceased mother, later extended to 24 October.[48]

Sahara claims that the company's fundamentals are intact and assets are greater than the liabilities.[49] and so far has deposited more than 20,000 crores which will in due course of justice come back to Sahara India as it has already repaid 95% of its investors[50] The Securities And Exchange Board of India (SEBI) has repaid only Rs 64 crore to the investors since 2012.[51] It is also been reported that Sahara has paid Rs 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.[52]

References

  1. ↑ "10 things you need to know about Sahara row". Business Standard. Retrieved 2018-09-23.
  2. ↑ "Sahara chief Subrata Roy sent to Tihar Jail". NDTV.com. Retrieved 2018-09-23.
  3. ↑ Tamal, Bandyopadhyay (June 2014). Sahara: The Untold Story (1 ed.). Delhi, India: Jaico Publishers. Retrieved 11 February 2015.
  4. ↑ "Sahara's Subrata Roy is planning a comeback and high on his priority is online education - Firstpost". www.firstpost.com. Retrieved 2018-07-09.
  5. ↑ "Sahara India Pariwar". Sahara.in. Retrieved 2011-09-12.
  6. ↑ "India's Sahara Group". thedailystar.com. 2012-05-24. Retrieved 2012-05-27.
  7. ↑ বাঙ্গালীর বিত্ত সাধনা সাহারার ইতিকথা, (Bangalir Vitta Sadhana: Saharar Itikatha), Mani Shankar Mukherjee, 2003
  8. ↑ "Subroto Roy Biography". mapsofindia.com. 2011-02-23. Retrieved 2011-02-27.
  9. ↑ "Subrata Roy". timesofindia.com. 2003-07-10. Retrieved 2004-07-11.
  10. ↑ "Sahara India". newagebd.com. 24 May 2012. Archived from the original on 2 November 2013. Retrieved 27 May 2012.
  11. ↑ "Owner of Pune Warriors runs Sahara India Pariwar as managing worker". THE AUSTRALIAN. 2010-05-06. Retrieved 2011-09-12.
  12. ↑ "Subrata Roy Sahara". businessweek.com. Retrieved 2011-09-12.
  13. ↑ "Sahara chief, money all safe and well". South China Morning Post. Retrieved 2018-07-09.
  14. ↑ RBI eases pressure on Sahara, Peerless, Sugata Ghosh, TNN 18 May 2005
  15. ↑ Rai, Manmohan (2014-03-01). "Subrata Roy, Sahara chief, has friends across political, glamour spectrum". The Economic Times. Retrieved 2018-07-09.
  16. ↑ Subrata Roy's 'Sahara City' Stands on Scandalous Base, Shobhit Kalra, 7 Jul 2013 Archived 9 August 2014 at the Wayback Machine.
  17. ↑ Sahara India launches 3 news weeklies PTI 11 May 2003
  18. ↑ "Sale of Plaza Hotel had to happen". New York Post. 2013-11-18. Retrieved 2018-07-09.
  19. ↑ Thirani, Neha. "Indian Conglomerate Buys New York's Plaza Hotel". India Ink. Retrieved 2018-07-09.
  20. ↑ Sahara India under PF Department's scanner; company asked to submit all employee details, Vikas Dhoot, ET Bureau 12 Jan 2013
  21. ↑ "Over one lakh Sahara employees break world record for largest group to sing national anthem". Mail Online. Retrieved 2018-07-09.
  22. ↑ "Sahara's phantom investors: Why Subrata Roy's numbers don't add up - Firstpost". www.firstpost.com. Retrieved 2018-07-09.
  23. ↑ "Sahara's Subrata Roy is planning a comeback and high on his priority is online education - Firstpost". www.firstpost.com. Retrieved 2018-07-09.
  24. ↑ "Sahara eyes slice of online education sector - Times of India". The Times of India. Retrieved 2018-07-09.
  25. ↑ "Sahara joins Uttarakhand relief work - The Times of India". Timesofindia.indiatimes.com. Retrieved 2014-03-05.
  26. ↑ "Subrata Roy Sahara - ex PM Vajpayee thanks Sahara India Pariwar". YouTube.
  27. ↑ "UK university confers honorary doctorate on Subrata Roy". timesofindia.indiatimes.com. 2013-07-10. Retrieved 2013-07-11.
  28. ↑ "Grand launch of Powerbrand". indianfoline.com. 2011-12-15. Retrieved 2011-12-16.
  29. ↑ "The ITA Awards » The Indian Television Academy Awards". The Indian Television Academy. Archived from the original on 6 October 2014. Retrieved 11 June 2015.
  30. ↑ "Mithila varsity confers D Litt on Subrata Roy - Times Of India". Articles.timesofindia.indiatimes.com. 2011-05-17. Retrieved 2011-08-05.
  31. ↑ "High and Mighty-2012". Indiatoday.intoday.in. Retrieved 2012-04-07.
  32. ↑ Perry, Alex (2004-12-06). "A Tale of Two Indias". TIME. Retrieved 2011-08-05.
  33. ↑ "From Rs 20 to Rs 50 million, Sahara's Subrata Roy's journey as he turns 65". dailybhaskar. 2013-06-10. Retrieved 2018-04-24.
  34. ↑ "Wearing Nationalism On His Sleeve". Business Standard. 2002-09-18. Retrieved 2011-09-12.
  35. ↑ Jacob, Jency (2014-03-01). "The quirks and eccentricities of 'Saharasri' Subrata Roy". Business Standard India. Retrieved 2018-07-09.
  36. ↑ Subrata Roy: Confident of swimming the troubled waters, AMRITA NAIR-GHASWALLA, 8 September 2012
  37. ↑ Subrata Roy's 'Life Mantras' unveiled in over 5000 locations, 2 February 2016
  38. ↑ "Life Mantras by Subrata Roy tops in Nielsen BookScan". India Today. Retrieved 2018-07-09.
  39. ↑ "Saharasri Subrata Roy's 'Life Mantras' remains in top 5 for last 4 weeks in Bestseller Chart of Nielsen". @businessline. Retrieved 2018-07-09.
  40. ↑ "Think With Me". www.saharasribooks.in. Retrieved 2018-07-09.
  41. ↑ "Think with Me Book - An Assembly of Indian Socio-political Issues". blog.thevoiceofnation.com. Retrieved 2018-07-09.
  42. ↑ "Subrata Roy Sahara surrenders before Police in Lucknow". IANS. news.biharprabha.com. Retrieved 28 February 2014.
  43. ↑ Roy, Subrata. "Profile of Subrata Roy". Profile. BBC. Retrieved 28 February 2014.
  44. ↑ Editorial, Reuters. "Supreme Court again rejects Sahara chief Roy's bail plea". IN. Retrieved 2018-07-09.
  45. ↑ "SC grants conditional bail to Sahara chief Subrata Roy". Times Of India. Retrieved 26 March 2014.
  46. ↑ "Supreme Court again rejects Sahara chief Roy's bail plea". Reuters. 4 June 2014. Retrieved 20 August 2014.
  47. ↑ "From Tihar jail, Sahara chief Subrata Roy tries to sell the New York Plaza". Times of India. 10 August 2014. Retrieved 20 August 2014.
  48. ↑ "SC extends Subrata Roy's interim bail till October 24 - Times of India ►". The Times of India. Retrieved 2018-07-09.
  49. ↑ "Assets of Sahara exceed liabilities, says Subrata - Times of India". The Times of India. Retrieved 2018-07-09.
  50. ↑ "'Sahara has repaid 95% investors' - Times of India". The Times of India. Retrieved 2018-07-09.
  51. ↑ "Subrata Roy Says Sahara Had to Make Double Payment For A Single Liability". Bloomberg Quint. Retrieved 2018-07-09.
  52. ↑ "Sahara's Subrata Roy is planning a comeback and high on his priority is online education - Firstpost". www.firstpost.com. Retrieved 2018-07-09.
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