Rotomac promoter Vikram Kothari flees after Rs 800-cr bank fraud?

Agencies
February 19, 2018

NEW DELHI, FEB 18: After billionaire diamond merchant Nirav Modi, another defaulter Vikram Kothari, the promoter of Rotomac Pen, has also allegedly gone abroad after swindling ₹800 crore from various public sector banks including Allahabad Bank, Bank of India and Union Bank of India, sources said.

The Kanpur-based company’s owner had taken a loan of more than ₹800 crore from over five state-owned banks.

Five banks on list

Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India compromised their rules to sanction loans to Rotomac, the sources said.

According to local media reports, the promoter said speculation of his fleeing the country is baseless. “I am a resident of Kanpur and I will stay in the city. However, I do have to travel to foreign countries for business purposes,” Mr. Kothari said.

Mr. Kothari took a loan of ₹485 crore from the Mumbai-based Union Bank of India and a loan of ₹352 crore from the Kolkata-based Allahabad Bank.

A year later, Mr. Kothari has reportedly not paid back either the interest or the loan.

Last year, Bank of Baroda (BoB), a consortium partner, declared pen manufacturer Rotomac Global Pvt Ltd as “wilful defaulter.”

The company then moved the Allahabad High Court seeking removal of its name from the list of wilful defaulters.

A Division Bench comprising Chief Justice D.B. Bhosle and Justice Yashwant Verma had passed the order on a petition filed by the company, contending that it had been wrongly declared a “wilful defaulter” by BoB despite having “offered assets worth more than ₹300 crore to the bank since the date of default.”

Rotomac was declared a wilful defaulter vide an order dated February 27, 2017 passed by an authorised committee, as per the procedure laid down by the Reserve Bank of India.

Comments

Sayed Kaleem
 - 
Monday, 19 Feb 2018

Uff desh bhakton kyun desh ki band bajarahey ho

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 19,2020

New Delhi, Jul 19: With the highest single-day spike of 38,902 cases reported in the last 24 hours, India's total COVID-19 tally on Sunday reached 10,77,618, informed the Union Health and Family Welfare Ministry on Sunday.

The death toll has gone up to 26,816 with 543 fatalities reported in the last 24 hours.

The Health Ministry said the total number of cases includes 3,73,379 active cases and 6,77,423 patients have been cured/discharged/migrated.

Maharashtra remains the worst affected state with 3,00,937 cases reported until Saturday.
Meanwhile, as per the information provided by the Indian Council of Medical Research (ICMR), 1,34,33,742 samples have been tested for COVID-19 till July 18, of these 3,61,024 samples were tested yesterday.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 24,2020

Kozhikode, Apr 24: A four-month-old baby girl, who had tested positive for COVID-19 and suffering from congenital heart disease, died in a hospital here in Kerala early Friday after suffering a cardiac arrest, officials said.

This is the third COVID-19 death and the first infant fatality in the state where two elderly people had succumbed to the disease earlier.

The baby was admitted to the Medical College Hospital here on April 21 with history of fever, cough, breathing difficulties and seizure after being treated at two other hospitals and the end came at 6 am, a medical bulletin said.

State Health Minister K K Shailaja said doctors had made maximum efforts to save the life of the child, whose family belonged to Payyanad near Manjeri in Malappuram district.

"Preliminary information which we have is that there has been some primary contact", she told reporters in Thiruvananthapuram.

The protocol for COVID-19 cases would be followed for the baby's last rites, the Minister added.

As of Thursday, the total active COVID-19 cases in the state stood at 129.

The bulletin said on arrival at the hospital on Tuesday the baby was in shock and had respiratory failure.

"She was resuscitated, mechanically ventilated and appropriate antibiotics for pneumonia and supportive measures to correct shock were started", it said adding the baby, however, continued to remain sick.

"Even though there was no history of any high or low risk contact or any epidemiological links as the child comes from SARI (Sever Acute Respiratory infection) criteria, she was admitted to the COVID-ICU and swab was taken and she tested positive", the bulletin said.

Contact tracing of those who had come in contact with the child was in progress.

Mallapuram District Medical Officer (Health) Dr Sakeena K said the child was having severe health issues from its birth itself and was admitted to a private hospital in Manjeri near here with breathing problem.

As her condition worsened, the baby was shifted to another hospital and later to the medical college hospital.

"The baby was having chest deformity and Atrial Septal Defect by birth which developed into severe health issues, the official added.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 20,2020

Mumbai, Apr 20: At least 53 media persons from Mumbai have tested positive for coronavirus, a city civic official said on Monday.

During a special camp organised at the Azad Maidan here on April 16 and 17 for COVID-19 testing of scribes, the Brihanmumbai Municipal Corporation (BMC) collected swab samples of 171 mediapersons, including electronic and print media journalists, photographers and cameramen.

“Out of the 171 mediapersons, 53 tested positive for coronavirus,” BMC spokesperson Vijay Khabale said, adding that most of those who tested positive are asymptomatic at present.

All the mediapersons found infected with coronavirus will be kept in isolation and a process was underway to find out suitable places to the purpose, he said.

Efforts were also on to trace their high and low risk contacts.

Till Sunday, Mumbai recorded 2,724 coronavirus cases and 132 deaths due to the disease.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.