O P Srivastava Saharasri’s trusted lieutenant takes reins of Sahara with Swapna Roy as CMD
O P Srivastava Saharasri’s trusted lieutenant takes reins of Sahara with Swapna Roy as CMD
Exactly a week prior to the passing away of Sahara India group’s chairman Subrata Roy he had signed a letter from his hospital bed on November 7, 2023, giving all operational control of the group to O P Srivastava, his trusted lieutenant of over three decades.
In this letter, Co-ord. Ref. No. 001/101/4145, the Sahara India chairman stated that it was not possible for him to look into administrative matters and “it has, therefore, been felt that a person of stature and rank be given all administrative powers so that decisions are made swiftly, and all obligations/commitments are met within specific time frames.
The letter continued saying that as such, it has been decided that O P Srivastava be vested with this additional responsibility. It need not be emphasised that O P Srivastava has been a priceless asset to our Pariwar and has attained unanimous acclaim for his ability to be at the forefront of administrative activity and taking quick and appropriate decisions.
In light of the circular, Srivastava has emerged as the group’s boss. However, sources in the company reveal that this arrangement is temporary, and the widow of Subrata Roy, Swapana Roy, will ultimately take over as the chairman and managing director of the group.
However, there is one problem. Swapna is a Macedonian citizen. So is the older son of Subrata Roy, Sushanto. The younger son, Seemanto, is an Indian citizen. The sons live in London and Dubai and have shown no interest in returning to India to take over their father’s company in light of numerous cases pending against the promoters.
Swapna wasn’t allowed to leave India when she came here to meet her ailing husband.
Sources reveal that Swapna has decided to take the baton and fight the cases. The group is rich in assets but short on liquidity.
Therefore, the first big battle is for the release of Rs 24,000 crore deposited with SEBI.
The group’s fate depends largely on how the courts rule on this issue.
News Edit K.V.Raman
