Latest news with #SubrataRoy
Indian Express
14-05-2025
- Business
- Indian Express
After decade-long hiatus, Maharashtra to relaunch seaplane tourism services
A decade after its maiden flight, Maharashtra is set to revive its long-anticipated seaplane tourism project, marking a renewed push to improve regional connectivity and tap into the state's vast tourism potential. The Maharashtra Tourism Development Corporation (MTDC) decided to relaunch seaplane services in the state, connecting Mumbai, Pune, western Maharashtra, and Konkan with lesser-accessible yet scenic locations such as Ganpatipule in Ratnagiri, Koyna Dam in Satara, Ujani Dam in Solapur, and Mandwa near Alibaug. Officials said the initiative was designed to reduce travel time, offer a unique aerial experience, and promote tourism in areas rich in the state's natural and cultural heritage. The seaplane initiative was originally launched in February 2014 with a nine-seater Cessna 208 Amphibian aircraft operating between Mumbai and Pavana dam near Lonavala. However, the service faced multiple challenges, including regulatory hurdles and the arrest of Sahara Group chief Subrata Roy, leading to the suspension of operations shortly after its commencement. Additionally, MTDC's efforts to start a seaplane service within Mumbai—from Juhu airport to Girgaum Chowpatty—were stalled due to approvals pending for the construction of a jetty at Chowpatty. 'This time, the approach is more pragmatic and future-ready,' a senior MTDC official said. 'We are focusing on commercially viable routes, using existing infrastructure like helipads and certified waterbodies, and working closely with civil aviation authorities to streamline permissions.' Under the revamped plan, MTDC proposes to use 9–19-seater amphibious aircraft—single or twin-engine—that can operate on land and water. The service is envisioned not just as a novelty, but as a sustainable, quick-access transport mode for tourists and high-value travelers. Officials said bids/Expressions of Interest (EOIs) have been invited from aviation operators with experience in seaplane operations. 'We aim to introduce seaplane operations as part of our tourism and connectivity enhancement initiatives. The project will facilitate faster travel to key tourist destinations, boost tourism, and improve regional connectivity. The initiative will enhance accessibility to tourist attractions, promote regional connectivity, and offer premium aerial tours showcasing the state's natural beauty, historical landmarks, and cultural heritage. Maharashtra's diverse landscape, ranging from the Western Ghats and pristine beaches to UNESCO World Heritage sites, offers significant potential for seaplane operations,' the official said. This initiative seeks to enhance travel convenience, boost tourism, and create a structured framework for seaplane tourism operations in the state. The MTDC official added that the objective was to enhance tourism potential by introducing seaplane connectivity to strategic locations and improving accessibility to destinations by utilising existing helipads. 'This would also boost economic growth at tourist destinations and ensure environmentally sustainable and safe operations,' he said. The project is also being framed within Maharashtra's broader goal of sustainable tourism development. 'We are factoring in environmental safeguards from day one, including impact assessments and compliance with coastal and aviation regulations,' the official added. Apart from easing access to destinations like Ganpatipule—known for its beachside temple—and ecotourism hubs such as Koyna and Panshet, the seaplane service is expected to provide a boost to local economies through increased tourist footfall and associated employment. Experts say the success of the initiative will depend on affordable pricing, reliable schedules, and awareness-building among domestic tourists. 'Seaplanes work best when integrated with other modes of transport and marketed as part of a curated travel experience,' said a tourism industry analyst. If successful, Maharashtra will be one of the first states in the country to operate a multi-route seaplane network. MTDC indicated that initial routes could be operational within the next few months, subject to final clearances and operator agreements. The state's renewed focus on aerial and water-based transport reflects a wider trend in post-pandemic tourism planning, where smaller aircraft, shorter getaways, and access to nature-based destinations are increasingly in demand. Maharashtra has also decided to introduce cruise tourism, with plans for coastal and river cruise services. By leveraging both major and non-major ports, the state aims to offer travelers a scenic and immersive coastal tourism experience.
Mint
03-05-2025
- Business
- Mint
Sahara's shadow: The spectacular unravelling of Subrata Roy
Subrata Roy's life unfolded like a strange whodunnit—where the "who" was always clear, but the "what" remained elusive. Accused of orchestrating one of India's largest Ponzi schemes, involving millions of investors, Roy was never sentenced, passing away before any judgment could be rendered in the multiple cases against him. By the time of his death, he had spent years in Delhi's notorious Tihar jail, only to be released on parole—as though even the law was uncertain of the exact nature of his guilt. Read this | Jayanti Dharma Teja: The enigmatic genius whose shipping empire was built on deception When the Central Registrar of Cooperative Societies (CRCS) launched a portal for investors to reclaim funds collected by Roy's firms, just ₹ 2,314 crore had been returned as of 28 February 2025—out of ₹ 15,775 crore made available under a Securities and Exchange Board of India (Sebi) order. Many investors remain untraceable, adding to the enigma Roy left behind. Born in 1948, the boy from Araria in Bihar studied at Holy Child School in Kolkata and CM Anglo Bengali Intermediate College in Varanasi before completing a diploma in mechanical engineering from a college in Gorakhpur. The early death of his father meant money was tight. In Sahara: The Untold Story (2014), Tamal Bandyopadhyay recounts how Roy started out selling snacks from a scooter before moving on to electric fans under the brand name Air Sahara. That venture failed—but the name would live on in his aviation business. His fortunes changed in 1976 when he took over a struggling finance company, Sahara Finance. The mid-1970s were a tumultuous period in India. Soaring inflation and rising unemployment were pushing people to seek alternatives to staid bank deposits. It was fertile ground for dubious financial schemes—chit funds promising exponential returns were flourishing. When Sahara launched its first fund in Gorakhpur, the infamous Sanchayita scam was brewing in West Bengal, eventually affecting more than 131,000 people before its collapse in 1980. Peerless, too, was operating an insurance-based Ponzi scheme around the same time. These companies were given the seemingly respectable tag of "residuary non-banking companies" (RNBCs)—though there was little honour in their operations. But while Sanchayita and Peerless fell out of favour after the Chit Funds Act was enacted in 1982, Roy was just getting started. With a growing capital base—thousands of crores collected from small depositors—he began investing in the growth sectors of the 1980s and 1990s. Sahara India Pariwar, the grandiose umbrella for his businesses, expanded into real estate ( Aamby Valley City ), media (Sahara TV), aviation (Air Sahara), and hospitality (Grosvenor House Hotel in London and Plaza Hotel in New York). By the early 2000s, Roy was a fixture among India's business elite. Read this | Vijay Mallya's short-lived kingdom of pizzas His lifestyle matched his expanding empire. Though he described himself as 'a simple human being" whose first home with wife Swapna was a tin-roofed one-room house, he projected the image of a benevolent tycoon. He fancied himself a modern-day Robin Hood who had taught shopkeepers and panwalas to save through his parabanking model. He expected reverence—for his service to the poor, for his patriotic self-image. That explained his long, sermon-like speeches and the famous 'Jai Sahara" salute, which was mandatory for all employees. His official title was Chief Managing Worker, but he sat on a throne. In 2004, the wedding of his sons was a dazzling six-day spectacle. Thousands of guests were flown in on Sahara's private jets. Then prime minister Atal Bihari Vajpayee mingled with Amitabh Bachchan, Shah Rukh Khan, Romanian gymnast Nadia Comaneci, and Sachin Tendulkar. The guest list reflected Roy's political reach. While he was particularly close to Mulayam Singh Yadav—via friend Amar Singh—his network extended across party lines. But success bred carelessness. In 2009, Sahara Prime City filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO). The disclosures revealed that two Sahara group firms—Sahara India Real Estate Corp. (SIRECL) and Sahara Housing Investment Corp. (SHICL)—had raised nearly ₹ 27,000 crore from millions of investors via optionally fully convertible debentures (OFCDs), in violation of Sebi rules. It was like a game of Jenga. The blocks came tumbling down. The scheme was a pyramid, possibly the largest the world had seen. At its peak, Sahara was the financial lifeline for 70 million investors—most of whom were left with nothing when the scheme unravelled. Also read | How Manu Manek aka Black Cobra went from college trader to market marauder In 2011, Sebi ordered the company to refund the money. Roy refused to comply—or even respond to court summons. Finally, in 2014, a special two-judge bench comprising Justices K.S. Radhakrishnan and J.S. Khehar sent one of India's most flamboyant billionaires to jail. He was released on parole after two years. Until his death in November 2023 at age 75, he continued to run his businesses. The Sahara empire, however, never recovered. And its full story, like the fate of its investors' money, may never be known.
