Mangaluru: Cashew baron, industry doyen Gurpur Sadanand Prabhu dies at 93

coastaldigest.com news network
March 4, 2018

Mangaluru, Mar 4: Cashew industry pioneer and founder of city based Achal Industries Gurpur Sadanand Prabhu passed away on Sunday morning (March 4, 2018). He was 93.

He died peacefully at about 4:30 a.m. at his residence due to old age, it is learned. He is survived by his wife Rohini Prabhu and three children, son Giridhar Prabhu and daughters Prafulla Kamath and Anuradha Shenoy.

He was a past president of Kanara Chamber of Commerce and Industry and was also actively associated with Mangalore Cashew Manufacturers Association. He was also a member of Rotary Club Mangalore North.

Last rites will be at his residence ‘Ananya’ at Bejai Kapikad Road at 12:00 noon today, followed by funeral at1:00 p. m. at his home town Gurpur, according to family sources.

Cashew industry leaders and past presidents of Karnataka Cashew Manufacturers Association Kalbhavi Prakash Rao, Bola Ramanath Kamath, Bola Rahul Kamath and others have condoled the demise of Sadanand Prabhu.

Personal Profile

Born in 1925, Sadanand Prabhu was a native of Gurpur town in the outskirts of the city. After completing his matriculation, he started his career as teacher and then moved into business.

Then on he joined as a partner with his relative in Konchady Appayya Shabhogue and Co, at Bunder. Subsequently he started Sadananda Prabhu and Co., a groundnut oil manufacturing unit.

Then in 1981, at the age of 55, he established Achal Industries, which was one of the first industries to start at the newly formed Baikampady Industrial Area. In 1983, he started his second unit Achal Cashews at Turkewadi, a small village in Maharashtra.

Today Achal is a Rs. 125 crore group comprising four family owned companies with manufacturing units at multiple locations and 950 employees. It became an exporter of processed cashew in 1984 and its products are now reaching North America, the EEC countries, Middle East and Japan. His son Giridhar Prabhu is presently the proprietor of the flagship unit Achal Industries.

According to M. N. Pai, General Manager of Achal Industries and director of three other Achal group companies, Gurpur Sadanand Prabhu had retired from business about two years ago due to his advancing age. “He was a self made man and always had a vision to build a customer friendly business. He was an innovator of several processes in cashew industry,” he said.

Sadanand Prabhu was known as an unassuming and simple person always clad in white dhoti and white shirt. He liked to encourage the younger generation and many entrepreneurs credit him with being their mentor.

He took pride in tax compliance and ethical business practices. Cashew industry being a labour intensive sector, he showed keen interest in employee welfare and always put the workers first. He was one of the first to introduce bus transport for workers. Every worker he employed was well taken care of for the contribution he or she did. Productivity linked wages is one of the innovations practiced at his cashew processing units which enable the labourers to earn more.

According to sources close to him, Sadanand Prabhu always believed that tax paid money is more worth than any other wealth. He was well known for insisting on full tax compliance in his own firms and also had a prodigious knowledge of commercial law. “He was always up to date in all the laws applicable to the industry and even the tax authorities respected him for his knowledge,” said M. N. Pai.

Comments

Mohammed
 - 
Sunday, 4 Mar 2018

Inna lillahi wa inna ilayhi raji'un

Hari
 - 
Sunday, 4 Mar 2018

RIP sir.. Condolence to his family

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News Network
April 24,2020

Wayanad/Thiruvananthapuram, Apr 24: Amid the strict lockdown, a school teacher travelled from Thiruvananthapuram to Muthanga in Wayanad -- a distance of about 465 km -- on her way to neighbouring Karnataka en route to Delhi following which cases have been registered against her and an excise official.

The woman, Kamna Sharma, said to be working in Kendriya Vidyalaya, Pattom, undertook the journey on April 21 along with her two year-old daughter, police sources told news agency PTI.

An Excise Circle Inspector, Shahjahan, had provided his vehicle to travel allegedly on the instructions of Malappuram excise officer, in whose private vehicle, the woman and the child had reached Wayanad border from Thiruvananthapuram, the sources said.

The two were charged under the Kerala Epidemic Act and various sections of the IPC including sect 269 (negligent act likely to spread infection) and 271 (disobedience to quarantine rule).

Because of the lockdown even inter-district travel is not allowed by police and district administration, unless there is an extremely genuine reason.

A senior police official in Thiruvananthapuram said he does not remember issuing any such pass.

The woman may have "misused" government machinery as private vehicles would have been stopped somewhere during the long journey, he said.

She came to Kalpetta in Wayanad allegedly in an official car of the excise department.

Wayanad District police chief R Elango said that an FIR has been filed based on preliminary information and investigations have begun.

"We will check if she has followed procedures in obtaining a pass and if she made any false claim to get the pass."

As per preliminary information the woman came in an excise official's car from Thamarassery (Kozhikode) to Muthunga(Wayanad), he said. Her mode of transport before that--from Thiruvananthapuram to Wayanad--will also be investigated, he said, adding they have no information if she has reached Delhi.

"We will track down her movement," he said Meanwhile, theWayanad district administration has intensified the lockdown protocol from Thursday to prevent people's movement within and from outside the district/state.

Interception at all the check posts on district an state borders of the district, bordering Tamil Nadu and Karnataka, will also be intensified. No one would be allowed to travel frequently to and fro the district under the pretext of official duty.

Wayanad collector Adhila Abdulla said officials from outside the district will no longer be allowed to commute daily.

"Elderly people above the age of 65 should confine to their homes unless it is extremely urgent or unavoidable. Cases will be registered against family members who allow elderly people to go out for buying medicines and other essentials," she said.

Senior citizens, who live alone, can call either the Fire (101) or Police (100) departments for any help and to get things they need, the collector said.

Whatever relaxations were in place have also been withdrawn with effect from Thursday, she added.

Wayanad and Thiruvananthapuram come under the "Orange B" zone where there are some relaxations.

However, Thiruvananthapuram city limits falls under the hotspot area.

Police said a case was also registered against a doctor and her husband who entered Kerala from Tamil Nadu border.

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KT
April 12,2020

Apr 12: The board and management of troubled NMC Healthcare should be held accountable for the financial irregularities, said Abdulaziz Al Ghurair, chairman of the UAE Banks Federation.

"Banks have dealt with the exposure professionally and they lent to a company which was listed on FTSE-100 index with world-class regulator and the world's largest audit firm doing their audit. Even if they present their balance sheet today, people will still lend to them. This is a world-class fraud and the management and board members should be held accountable. We should have a different track to handle this company. It is not a normal track that we can go," Al Ghurair said during a virtual press conference on Sunday.

It is estimated that the more than 80 local, regional and international banks have exposure to healthcare firm. The UAE bourses had asked all the listed companies in the UAE to announce their exposure. The UAE banks last week announced nearly Dh10 billion exposure to NMC Healthcare, which is owned by the billionaire BR Shetty.

Abu Dhabi Commercial Bank has the highest exposure to NMC at Dh3 billion. Dubai Islamic Bank and its subsidiary Noor Bank announced Dh2 billion exposure while Emirates NBD and its Shariah-compliant unit Emirates Islamic Bank revealed Dh747.34 million exposure. Ajman Bank has Dh151.8 million while Al Salam Bank pegged its exposure at Dh161.5 million. All these lenders revealed their exposure for the first time on Sunday.

Abu Dhabi Islamic Bank said it had extended Dh1.07 billion in financing to NMC Healthcare, and an additional Dh113.67 million exposure to Islamic bonds issued by NMC.National Bank of Fujairah pegged its exposure to NMC at Dh289.1 million, while Sharjah-based United Arab Bank said its exposure was Dh135.3 million.

NMC recently revised its debt position to $6.6 billion, well above earlier estimates.

London's High Court last week placed hospital operator NMC Health into administration, on the application of Abu Dhabi Commercial Bank.

"I know leading bank in UAE have already legal guardian of the company so now management cannot hide anything. The new team will manage and discover what happened," said Al Ghurair.

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coastaldigest.com news network
May 17,2020

Mangaluru, May 17: With the detection of two more covid-19 positive cases in Mangaluru, the total number of cases in Dakshina Kannada today mounted to 52.

A 35-year-old woman who was under quarantine along with her husband after returning from Maharashtra today tested positive for the coronavirus. 

A 31-year-old man also tested positive for covid-19.  More details to follow.

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