Radhe was born on 19th February, 1946 in Kolkata India. Radhe Shyam completed his college education from St. Xavier’s College Kolkata. He got his LLB from Calcutta University; M.Com from Calcutta University. In 1970 Radhe joined K K Birla Group as head of income tax department.

In 1974 Radhe along with his school friend Radhe Shyam Agarwal started a cosmetics company Emami. The company was started with a capital of $2600 borrowed from his Father. Emami is now a multiple Business global group of companies with a revenue of above $1.3 billions.

In the early morning of 9 December 2011, an AMRI Hospital in south Kolkata’s Dhakuria district erupted in fire, leading to the deaths of 92 people – mostly critically ill patients, many of them suffocating in their sleep. The following day, the license for the hospital was canceled, and the Chief Minister of West Bengal ordered a judicial inquiry into the incident. Allegedly, the fire was triggered by flammable chemicals that were stored at the site. Rescue efforts were hampered by the narrowness and congestion of the road leading to the hospital, and the allegations that all of the windows and doors were locked and that the fire alarms and sprinklers installed at the hospital did not work during the fire.

Seven members of the hospital's board were arrested the same day, including Goenka and Agarwal, who were founders of Emami and Directors of the hospital chain; they were remanded to police custody until 20 December by the court of the Chief Judicial Magistrate in Alipore. They were charged with negligently causing the deaths. Ultimately a total of 16 people stood accused in the courts in July 2016, including the board members and several Directors of the hospital. Amongst the charges were culpable homicide not amounting to murder under section 304 of the Indian Penal Code, which carries a maximum sentence of 10 years' imprisonment in cases where the Criminal actions are undertaken knowingly but without the intention to cause death. Additional charges were laid under Section 308 (attempt to commit culpable homicide) and Section 38 (effect caused partly by act and partly by omission).