It is extremely gratifying to see a familiar figure, Sriram Shastry, being awarded the 2009 Lars Onsager Prize of the American Physical Society. The list of winners since 1995 on that page is impressive -- most of them have done work that is now standard graduate-textbook material (and in many cases, undergraduate-textbook too). Sriram's present university, UC Santa Cruz, has a webpage up with more details on his biography and work (and that of his colleague Peter Young, who also received an APS prize.)
Though Sriram is now in the US, he studied entirely in India (Nagpur University, IIT Madras and TIFR Bombay) and worked at University of Hyderabad, TIFR, and later, at IISc Bangalore. In the 1980s, while at TIFR, he derived the complete set of conserved quantities for the one-dimensional Hubbard model, the basic model used for correlated electronic systems (such as high-temperature superconductors). He did pioneering work on many other exactly-solvable quantum systems, at least two of which bear his name (the Shastry-Sutherland and Haldane-Shastry models). In addition, he has done important work on other areas of correlated electron systems, transport processes, and other areas. In recent years he has done very interesting work on thermoelectricity.
[edited 24/10/08, removing possibly unproductive discussion of past history. While it is something I feel strongly about, the more important question is how do we stop it from happening again, and how do we improve the science scene. I should also clarify that everything that was written here, like the rest of the post, was my own opinion and was not discussed with Sriram beforehand.]
Finally, on a personal note: Sriram was my PhD advisor. He joined IISc the same year I did, in 1994; I worked with him on a summer project (that eventually became my first international publication) in 1995, and soon after, joined him formally as his doctoral student; I graduated in 2000; and he himself moved to Santa Cruz a couple of years later. I am fortunate that my trajectory intersected his.