Rotomac Kothari owes various banks Rs 3,695-cr: CBI files FIR

News Network
February 19, 2018

New Delhi, Feb 19: The Central Bureau of Investigation (CBI) has registered a case against Rotomac pen promoter Vikram Kothari and his family in connection with a case related to the alleged swindling of Rs3,695 crore of bank loan funds, officials said here on Monday. The scam was earlier estimated at around Rs800 crore.

The case against Kanpur-based Rotomac Global Pvt. ltd, its director Vikram Kothari, his wife Sadhana Kothari, and son Rahul Kothari and unidentified bank officials was filed on a complaint received from Bank of Baroda, they said.

The agency searched three locations in Kanpur, including Kothari’s residence and office premises. There have been no arrests in the case yet, CBI spokesperson Abhishek Dayal categorically said. He said Kothari, his wife and his son are being examined by the CBI, which is conducting the searches.

The Enforcement Directorate (ED) has also registered a money laundering case against Kothari and his family members in connection with the alleged bank loan fraud of Rs3,695 crore, officials said. The case was filed under the Prevention of Money Laundering Act (PMLA), after studying the CBI FIR that was registered yesterday.

The ED, the officials said, would probe if the funds obtained through the alleged fraud were laundered and if the proceeds of the crime were subsequently used by the accused to create illegal assets and black money.

According to the complaint from Bank of Baroda, the conspirators allegedly cheated a consortium of bank loans of Rs3,695 crore, including the interest component, officials said. The principal involved is Rs2,919 crore.

This is the second major financial scam to break out after the sensational Rs11,400 crore fraud allegedly committed by billionaire jewellery designer Nirav Modi and his uncle Mehul Choksi, who is a promoter of Gitanjali group of companies. Both fled the country before the Punjab National Bank realised the depth of the alleged crime. 

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Agencies
May 27,2020

Lucknow, May 27: Uttar Pradesh chief minister Yogi Adityanath has taken a U-turn, two days after he declared that permission would be needed if other states employ workers from UP.

The issue sparked a major controversy and an official spokesman has now said that the government would not include this clause of 'prior permission' in the bye-laws of the Migration Commission.

The government spokesman also said it was working on modalities to set up the commission to provide jobs and social security to migrant workers returning to the state. It has named the migration commission as the "Shramik Kalyan Aayog (Workers welfare commission).

About 26 lakh migrants have already returned to the state and an exercise to map their skills is being carried out to help them get jobs.

Yogi Adityanath has discussed the modalities for setting up the commission and told his officers to complete the skill mapping exercise in 15 days.

A senior official of Team 11, said, "The chief minister discussed the modalities for setting up the commission, as well. There will be no provision requiring other states to seek UP government's prior permission for employing our manpower. The commission is being set up to provide jobs and social security to the workers. We will also link the migrants to the government schemes to provide them houses and loans etc."

Yogi Adityanath said a letter should be sent to all state governments to find out about migrant workers wanting to come back to Uttar Pradesh.

Earlier, the chief minister, while speaking at a webinar on Sunday, had said, "The migration commission will work in the interest of migrant workers. If any other state wants UP's manpower, they cannot take them just like that, but will have to seek permission of the UP government. The way our migrant workers were ill-treated in other states, the UP government will take their insurance, social security in its hands now. The state government will stand by them wherever they work, whether in Uttar Pradesh, other states or other countries."

The statement had sparked a row with some political leaders and parties questioning the move.

Former Congress president Rahul Gandhi sharply criticized Adityanath's stand, saying the workers were not the chief minister's personal property.

"It is very unfortunate that the chief minister of Uttar Pradesh views India in such a way. These people are not his personal property. They are not the personal property of Uttar Pradesh. These people are Indian citizens and they have the right to decide what they want to do and they have the right to live the life they want to live," he had said.

Maharashtra Navnirman Sena chief Raj Thackeray had also taken on Adityanath and said that if UP insists on "permission" before other states can employ workers from there, "then any migrant entering Maharashtra would need to take permissions from us, from the Maharashtra state, our police force too."

Meanwhile, the government spokesman said, "The chief minister is deeply moved by the condition of migrants. They have been treated badly by other states. So, when the chief minister spoke about the need for seeking UP government's permission, he did so as a guardian for workers. It's only his concern for the migrants that came out as a political statement."

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News Network
March 9,2020

New Delhi, Mar 9: Petrol and diesel prices registered a drop across the country on Monday as global oil prices plummeted around 30 per cent after Saudi Arabia slashed prices and set plans for a dramatic increase in crude production in April.

In New Delhi, petrol price fell by 24 paise intra-day and stood at Rs 70.59 per litre. Diesel in the national capital was retailed at Rs 63.26 per litre on Monday as against Rs 63.51 on Sunday.

The retail price of petrol in Kolkata saw a drop of 23 paise to Rs 73.28 per litre. The diesel price fell by 25 paise in the eastern metropolitan city to retail at Rs 65.59 per litre.

In Mumbai, petrol price was Rs 76.29 per litre as against Rs 76.53 a day earlier. Diesel was retailed at Rs 66.24 per litre, 26 paise lower than on Sunday.

In Chennai, petrol was retailed at Rs 73.33 per litre, 25 paise lower than a day earlier. Diesel price saw a fall of 26 paise to retail at Rs 66.75 per litre in the southern metropolitan.

Global crude oil prices fell by as much as a third following Saudi Arabia's move to start a price war with Russia amid worries over the spread of coronavirus.

Brent crude futures were down 13.29 dollars or 29 per cent at 31.98 dollars a barrel by 04:33 hrs GMT after earlier dropping to 31.02 dollars, their lowest since February 12, 2016.

Brent futures were on track for their biggest daily decline since January 17, 1991 at the start of the first Gulf War.

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News Network
May 19,2020

New Delhi, May 19: Spitting at workplace will be punishable with fine, the Personnel Ministry has said, citing the national directives for COVID-19 management.

In an order issued to all central government departments, it has asked their heads to ensure strict compliance of this and other directives in this regard.

This order is likely to bring about changes in and around government and private work places, where one can easily spot stains of 'pan' and 'gutka' spitted at some of the corners of walls or areas not frequented by many employees/public.

"Spitting in public and work places shall be punishable with fine, as may be prescribed in accordance with its laws, rules and regulations by the state/union territory local authority," said the national directives issued by the Home Ministry and shared by the Personnel Ministry with all central government departments.

It said wearing 'face cover' is compulsory in all public and work places.

In additional directives for the work places, the ministry said as far as possible, the practice from work from home should be followed.

"Staggering of work/business hours shall be followed in offices, work places, shops, markets and industrial and commercial establishments. Provision for thermal scanning, hand wash and sanitiser will be made at all entry and exit points and common areas," the directives said.

Frequent sanitization of the entire workplace, common facilities and all points which come into human contact e.g. door handles etc., shall be ensured, including between shifts, it said.

"All persons in charge of work places shall ensure social distancing through adequate distance between workers, adequate gaps between shifts, staggering the lunch breaks of staff, etc," the directive said.

The Centre on Monday asked 50 per cent of its junior employees, below the level of deputy secretary, to join work in office.

Till now, only 33 per cent of such employees were asked to attend office due to the novel coronavirus lockdown.

Central government employees were asked to work from home due to the lockdown that came into force from March 25.

All officers of the level of deputy secretary and above have already been asked to attend office on all working days.

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