Sahara’s Subrata Roy had bailed out Amitabh Bachchan’s ABCL
Sahara’s Subrata Roy bailed had out Amitabh Bachchan’s ABCL
Not many may be versed that when Amitabh Bachchan was reeling through rough phase and with his ABCL in doldrums, it was the Sahara Chief Subrata Roy who eventually bailed him out. Both Amitabh and Jaya worked with the Sahara Group for sometime.
Apart the powerful head of the Sahara empire, in later years he was more in the news for defrauding billions of investors
Subrata Roy, founder of the Lucknow-headquartered Sahara Group was once the maverick face of India Inc, His passing marks the end of an era that started with him joining Sahara Finance, a struggling chit fund company, in 1976 before taking over the firm and turning it around in two years to lay the base for what would grow into the Sahara empire.
The group employed an estimated 1.2mn people at its peak. Roy’s later years, however, were known for his brush with the law.
In March 2014, the Supreme Court ordered his detention for his failure to appear in court in connection with a dispute with the Securities and Exchange Board of India (Sebi), which wanted the group to refund billions of investors.
The Supreme Court even set up a ‘Sahara-Sebi refund account’ for this purpose. Roy had to spend a little over two years in Tihar Jail till he was released on parole in May 2016.
News Edit K.V.Raman
