The Department of Posts, Government of India, released a commemorative postage stamp in the memory of L.V.Prasad on 5th September 2006 in Hyderabad. The Postage stamp was released by the Hon’ble Union Minister of State for Communications and IT, Dr.Shakeel Ahmad. The function was presided over by Dr.Y.S.Rajasekhara Reddy, Hon’ble Chief Minister of Andhra Pradesh in the presence of Hon’ble Union Minister of State for Coal, Dr.Dasari Narayana Rao.

L.V.Prasad, a Dada Saheb Phalke Award winner, is a legendary name in the history of Indian Cinema. Born in 1908 in an agricultural family in rural Andhra Pradesh, after a great struggle and hardship he went on to become a successful actor, director, producer and an industrialist. His passion for cinema is exhibited in all his films including such memorable hits like Gruha Pravesham, Ilavelpu, Sharada, Milan, Khilona, Daadi Maa, Manohara, Missamma and Ek Duje Ke Liye to name a few. His vision was to contribute to the growth of the film industry and he established state of the art post production facilities across India, notably Prasad Film Laboratories. The L.V.Prasad Eye Institute in Hyderabad was established with his contribution of Land and financial assistance to provide world class eye care to the masses. The Institute recently opened a center in Bhuvaneswar, to be followed by one more in Vishakapatnam.

L.V.Prasad passed away in 1994. His goal of providing complete wholesome family entertainment and film related education was carried forward by his son Ramesh Prasad by the opening of The PRASADS Multiplex and IMAX Theatre in Hyderabad and L.V.Prasad Film & TV Academy in Chennai. Today the Prasad Group started by L.V.Prasad is 50 years old and has facilities and offices in India, Singapore, Dubai and Hollywood.

The Commemorative Postage Stamp release function, started at 11.00 AM in the Hyderabad International Convention Center, Hitex, and was attended by noted personalities including Dr.Gullapalli Nageswara Rao, Kamal Haasan, DVS Raju, Ramoji Rao, Rama Naidu, S. Nanda Gopal and various other film personalities and Government officials.