Kolkata, May 9 (IANS): Kolkata-based Peerless Group managing director Sunil Kanti Roy, popularly known as S.K Roy, passed away at a city hospital here on Monday morning. He was 78.

Peerless Group is engaged in diversified business activities including finance, hospitality, healthcare, insurance and securities. Roy is survived by his wife, son, daughter and two grandchildren.

Family sources said that Roy was suffering from age-related ailments for quite some time and was admitted to a city-based hospital recently. On May 7, his condition deteriorated suddenly and he had to be put on life support.

A Padma Shri recipient, Roy has also held important positions in a number of industry bodies like a board member in West Bengal Industrial Development Corporation (WBIDC).

He was born on January 8, 1944 to Radhashyam Roy, who was the founder of Peerless Group as a residuary non-banking company (RNBC). An alumnus of City College in Kolkata, Roy took over the responsibilities of the Peerless Group in 1985 after the death of his elder brother B.K. Roy.