- Shri Thanedar
-
Shri Thanedar Born 
Belgaum, IndiaResidence 
Miami, United StatesOccupation Former Chairman, Former Managing Director The Chemir Group Spouse Shashi Thanedar Children Neil Thanedar
Samir ThanedarWebsite http://www.shrithanedar.com Shri Thanedar (Marathi: श्री ठाणेदार) is an Indian born author and entrepreneur. Shri rose from a low-income family in southern India to become a successful entrepreneur, while overcoming many personal and professional hurdles. [1] In 2004, Shri Thanedar published an autobiography describing his experience with the American Dream. The autobiography was published in Marathi language in Maharashtra, India, and was named a best-seller.[2]
Contents
Personal life
Shri grew up in a lower-income family in Belgaum, India. When his father was forced to retire at age 55, a 14-year-old Thanedar worked odd jobs to support his family of eight.[3] He graduated from college and then attended a masters program at University of Bombay. He came to the United States in 1979 to pursue a PhD at the University of Akron.[4] After holding research and management positions at the University of Michigan and Petrolite Corporation, Thanedar purchased Chemir/Polytech Laboratories in 1991, and managed several companies [5].
Business
Thanedar bought his first company, then called Chemir/Polytech Laboratories in 1991 for $75,000. [1] [2] Subsequently, Thanedar purchased and managed several companies until March 2010. At its peak, these companies had combined revenues of over $60 million, and was once valued at $132 million. [3].
Due to the decline of the pharmaceutical industry during the 2007–10 recession in the United States, Azopharma, a pharmaceutical testing subsidiary of Thanedar's business, suffered major losses, causing Bank of America to file suit against Azopharma's parent company to recover $26.5 million.[3] [4] On April 9, 2010, the Federal Court Judge in the Missouri case, Judge Sippel, appointed a receiver to liquidate Azopharma's parent company in order to recover the original loan.[5] Thanedar's companies were sold to Evans Analytical Group (EAG), a California corporation and the sale was approved by Judge Sipple on May 3, 2011. [6].
Thanedar's original chemical testing business, now called Chemir Analytical Services, remained operational throughout the legal proceedings, and was sold on March 31st, 2011 for $23 million, at a valuation over 300 times its original purchase price in 1991. [3] The sale of Azopharma assets and Chemir Analytical Services have been confirmed by the U.S. District Court for the Eastern District of Missouri, as part of a settlement of pending lawsuits. [3]. The status report filed by receiver Morris-Anderson & Associates on August 17, 2011 states that final claims by Bank of America and unsecured creditors are not known and have not been paid yet. [7]
Thanedar is currently CEO of Avomeen Analytical Services, an Ann Arbor-based chemical testing laboratory launched by his son, Neil. [3]
Books
ही श्रीची इच्छा (Pronounced: He Shri chi echa) (English: This Is Shri's Wish) was first published in 2004 by Majestic Prakashan in Marathi in the Indian state of Maharashtra. This version of Thanedar's autobiography has sold many copies in Maharashtra. The book was met with positive reviews by both critics and fans [6] [7]. Also, a dramatized version of the book was developed into a radio show, which has been broadcasted on stations in Bombay and Pune, India. [8]
Honors
Thanedar has been named the Ernst & Young Entrepreneur of the Year for the Central Midwest Region (Missouri, Kansas, Iowa and Nebraska) in 1999 and 2007 [8] [9][10]. Chemir has also received numerous awards for its fast growth, business success, and overall size.[11][12]
References
- ^ Delegating power
- ^ Good Chemistry Beats Recession
- ^ a b c d e Chemir auctioned off for $23 million
- ^ Bank of America Lawsuit filed on April 1, 2010 in Federal Court in St. Louis - Civil Case Number 4:10-cv-00563-RWS.
- ^ Court appointed receiver Morris-Anderson & Associates, Ltd, appointed by Judge Sippel on April 9, 2010.
- ^ Report by Morris-Anderson "Sale of Chemir Analytics dated 4/11/11". Scribd.com. http://www.scribd.com/doc/72068212/Thanedar-Amended-Report-of-Sale-10713821588 Report by Morris-Anderson.
- ^ Morris-Anderson's Report to Judge Sipple "Sale of Chemir Analytics Status Report dated 8/17/11". Scribd.com. http://www.scribd.com/doc/72068209/Status-Thanedar-10714020266-81711 Morris-Anderson's Report to Judge Sipple.
- ^ 2007 Ernst & Young Entrepreneur of the Year Award, for the Central Midwest Region
External links
Categories:- Living people
- Indian writers
- Indian businesspeople
- Indian emigrants to the United States
- Marathi people
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