The Anubhav Plantations Scam

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Case Details:

Case Code : FINC009
Case Length : 11 Pages
Period : 1992 - 1998
Pub. Date : 2002
Teaching Note : Available
Organization : Anubhav Group, Anubhav Plantations
Industry : Agriculture, Farming & Fishing, Financial Services
Countries : India

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Planting the Dream

A commerce graduate from Chennai's Vivekananda College and a chartered accountancy course dropout, Natesan was a man who dreamt big.

His ostentatious lifestyle, his cars, and his plush office in Chennai's up market Royapettah area were frequently cited by the media as examples of his lavish tastes.

Natesan started his career in 1983 by launching a consultancy firm, 'Yours Faithfully Consultancy.' In 1984, he entered the construction business with three partners.

Three years later, he closed this venture and set up the Anubhav Foundation. In 1992, Anubhav Plantations Ltd. (Anubhav) was floated as a public limited company. Over the years, the Anubhav umbrella expanded to include various other companies such as Anubhav Homes Ltd.,

Finance | Case Study in Management, Operations, Strategies, Finance, Case Studies

Anubhav Resorts Ltd., Anubhav Finance & Investments, Anubhav Communications & Advertising (Pvt.) Ltd., Anubhav Royal Orchards & Exports, Anubhav Hire Purchase Ltd., Anubhav Green Farms & Resorts (Pvt.) Ltd., Anubhav Agro, Anubhav Security Bureau, Anubhav Interiors and Anubhav Health Club. By 1998, Anubhav had become a Rs 250 crore group which, apart from its teak-plantation schemes, was involved in the timeshare, finance, and real estate businesses.

These companies were backed by a nationwide infrastructure of 91 offices and over 1,800 employees. Natesan had plans to forward-integrate from teak into furniture and to get imported machinery to make it. However, his growth strategy was focused mainly on mobilizing funds from investors. The group had already raised vast sums of money from the public in the form of fixed deposits, teak units, and a combination of fixed deposits and teak units. Natesan was extremely secretive about the financial performance of his group. In the plantations business, Anubhav was the market leader. It operated through four companies: Anubhav Agrotech, Anubhav Green Farms & Resorts, Anubhav Plantations, and Anubhav Royal Orchards Exports...

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