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.

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Sayed Kaleem
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Monday, 19 Feb 2018

Uff desh bhakton kyun desh ki band bajarahey ho

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News Network
April 15,2020

New Delhi, Apr 15: The Union Health Ministry has identified 170 districts as COVID-19 hotspots and 207 districts as potential hotspots, officials said on Wednesday, reiterating that there has been no community transmission of the disease in the country so far.

Addressing the daily briefing to provide updates on coronavirus situation in the country, Joint Secretary in the Ministry of Health Lav Agarwal said that states have been asked to classify districts which have reported a higher number of cases as hotspots, the districts where cases have been reported as non-hotspots, and green zones where no cases have been reported.

"Hotspots are those districts which are reporting more number of cases or where the rate of growth of COVID-19 cases is high," Agarwal said, adding a detailed direction has been issued to states stating consolidated efforts are required to utilise this period of lockdown to curb the spread of the virus.

"Cabinet secretary held a video conference today with all chief secretaries, DGPs, health secretaries, collectors, SPs, municipal commissioners and CMOs where hotspots were discussed and orientation on field level implementation of containment strategy was given.

"They were told about large outbreak containment strategies, cluster containment strategies. Delineation of buffer and containment zone, parameter mapping, defining of entry and exit points were also discussed in detail," he said.

The joint secretary said movement of people will not be allowed in containment zones except for those related with essential services and special teams will search for new cases and samples will be collected and tested as per sampling criteria.

The officials said that health facilities in buffer zone outside the containment zone will be oriented and people facing SARI and influenza-like symptoms will be tested there.

"Special teams have been formed which will work in containment zone and do contact tracing and house-to-house surveys. Cases of fever, cough and breathlessness will be identified in the survey and requisite action will be taken as per protocol," Agarwal said, adding that there has been no community transmissions so far but some local outbreaks.

The total number of COVID-19 cases in India has risen to 11,439 with 1,076 fresh cases reported in the last 24 hours while the death toll stands at 377, the ministry official said.

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News Network
February 5,2020

Mumbai, Feb 5: Maharashtra Chief Minister Uddhav Thackeray on Wednesday said there was no need to fear the Citizenship Amendment Act, but asserted his government will not allow the proposed National Register of Citizens to be implemented as it would "impact people of all religions".

Throwing out Bangladeshi and Pakistani migrants out of the country was an old demand of the Shiv Sena, the chief minister said in the third and concluding part of his interview to party mouthpiece 'Saamana'.

"I can confidentally say the Citizenship (Amendment) Act (CAA) is not meant to throw Indian citizens out of the country. But, the National Register of Citizens (NRC) is going to impact Hindus as well," the Sena president said.

India has the right to know the number of minorities from neighbouring nations who applied for Indian citizenship after being persecuted in their home countries, he said.

"When they come here, will they get homes under the 'Pradhan Mantri Awas Yojana'? What about employment and education of their children? All these issues are important and we have the right to know," hesaid in the interview to Saamana's executive editor and Sena MP Sanjay Raut.

"As chief minister, I should know where will these people be relocated in my state. Our own people don't have adequate housing. Will these people go to Delhi, Bengaluru or Kashmir, since Article 370 is now scrapped?" he wondered.

Several Kashmiri Pandit families are staying like refugees in their own country. The CAA is not to throw citizens out of the country, Thackeray said.

"However, the NRC will impact Hindus and Muslims and the state government will not allow it to be implemented," he asserted.

Under the NRC, all citizens will have to prove their citizenship. In Assam, 19 lakh people could not prove their citizenship. Of these, 14 lakh are Hindus, Thackeray claimed.

In a veiled attack on his cousin and MNS chief Raj Thackeray, who will lead a rally in support of the CAA and NRC in Mumbai on February 9, the chief minister said the NRC is not yet a reality and there is no need for a 'morcha' in support of or against it.

"If the NRC is enforced, those who are supporting it will also be affected," he said.

Under the NRC, even Hindus will have to prove their citizenship. "I will not allow the law to be enacted. Whether I am chief minister or not, I will not allow injustice to anybody," he said.

The chief minister also took a veiled dig at the Centre's decision to give the Padma Shri award to Pakistani-origin musician Adnan Sami.

"A migrant is a migrant. You can't honour him with the Padma award. Throwing out illegal migrants was the stand of (late Shiv Sena supremo) Balasaheb Thackeray," he said without naming anyone.

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News Network
March 16,2020

New Delhi, Mar 16: Reliance Group Chairman Anil Ambani has been summoned by the ED in connection with its money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday.

They said Ambani was asked to depose at the Enforcement Directorate office in Mumbai on Monday as his group companies are among the big entities whose loans went bad after borrowing from the crisis-hit bank.

The officials said Ambani, 60, has sought exemption from appearance on some personal grounds and he may be issued a new date.

Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPAs.

Finance Minister Nirmala Sitharaman had said in a March 6 press conference that the Anil Ambani Group, Essel, ILFS, DHFL and Vodafone were among the stressed corporates Yes Bank had exposure to.

Officials said promoters of all the big companies who had taken large loans from the beleaguered bank which later turned bad are being summoned for questioning in the case to take investigation forward.

Ambani's statement will be recorded under the Prevention of Money Laundering Act (PMLA) upon deposition, they said.

Kapoor, 62, is at present in ED custody after he was arrested by the central probe agency early this month.

The ED has accused Kapoor, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later turned NPA.

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