The head of the Indian Sahara conglomerate, Subrata Roy, has died

Nov 15 (Reuters) – Sahara conglomerate’s embattled boss Subrata Roy died on Tuesday from complications of cardiac arrest, the company said in a statement.

According to the company, Roy was admitted to a hospital in Mumbai on Sunday and died due to metastatic malignancy, hypertension and diabetes.

Sahara, once a sponsor of the Indian national cricket team, has been embroiled in a dispute with markets regulator SEBI over repaying billions of dollars to investors who put their money into a bond program that was later declared illegal.

Roy, the founder and chairman of Sahara, was arrested in March 2014 for failing to attend a contempt court hearing and had been on bail since 2016. He had denied any wrongdoing.

Sahara’s assets once included New York’s Plaza Hotel and London’s Grosvenor House. Roy was also co-owner of the former Formula 1 team Force India.

Sahara and Roy were in the spotlight in 2020 after getting a district court to stop the release of the Netflix series “Bad Boy Billionaires” starring Roy and others, saying it would damage his reputation.

Netflix later released the show after the court lifted its injunction.

Reporting by Gursimran Kaur and Maria Ponnezhath in Bengaluru; Editing by Shounak Dasgupta

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