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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coastaldigest.com news network
June 17,2020

Prime Minister Narendra Modi, who had maintained silence on Chinese aggression and massacre of Indian in eastern Ladakh, now issued a statement saying ‘India wants peace’. He added that India is capable of giving a befitting reply if provoked. 

The prime minister started his meeting with chief ministers on the Covid-19 with a two-minute silence as a tribute to the 20 soldiers who were killed in action in Galwan Valley this week. As he spoke, it became clear that the message was aimed not just at reassuring the nation but also delivering a sharp message to Beijing.

“I would like to assure the nation that the sacrifice of our jawans will not be in vain. For us, the unity and sovereignty of the country is the most important,” PM Modi said. Home minister Amit Shah and defence minister Rajnath Singh were also present in the meeting.

Over twenty Indian soldiers were killed in the violent face-off which took place in Eastern Ladakh on Monday. The troops fought each other with fists and rocks. After the clash, the two sides “disengaged” from the area where the fighting happened, the Indian army statement said. A news agency quoting sources said four Indian soldiers are in critical condition after the face-off.

Defence minister Rajnath Singh mourned the death of 20 Indian soldiers. “The loss of soldiers in Galwan is deeply disturbing and painful. Our soldiers displayed exemplary courage and valour in the line of duty and sacrificed their lives in the highest traditions of the Indian Army,” he said in a statement.

“The Nation will never forget their bravery and sacrifice. My heart goes out to the families of the fallen soldiers. The nation stand shoulder to shoulder with them in this difficult hour. We are proud of the bravery and courage of India’s bravehearts,” the minister further said in the statement posted on Twitter.

These are the first Indian casualties in a border skirmish with PLA since October 1975 when Chinese troops ambushed an Indian patrol in Arunachal Pradesh’s Tulung La sector and shot four soldiers dead.

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Agencies
January 26,2020

New Delhi, Jan 26: Prime Minister Narendra Modi on Sunday extended his greetings to the people on the occasion of the 71st Republic Day.
"Wishing everyone a happy #RepublicDay," PM Modi tweeted in English as well as Hindi.

Celebrations will be held all across the country to mark the day.

On this day, 70-year back, India officially adopted its Constitution.

The 90-minute Republic Day ceremony will commence with Prime Minister Narendra Modi visiting the National War Memorial near the India Gate.

After paying tributes to the martyrs, the prime minister and others would head to the Rajpath.

The parade for the Republic Day will begin on Rajpath with President Ram Nath Kovind unfurling the national flag with a 21-gun salute.

Brazilian President Jair Messias Bolsonaro is the chief guest at the parade

India's military might, cultural diversity, social and economic progress will be displayed during the Republic Day celebrations.

For the first time, a contingent of women bikers of CRPF will perform daredevil stunts. The Dhanush artillery will also be displayed for the first time during the Republic Day parade.

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News Network
January 23,2020

Jan 23: Pakistan's Prime Minister Imran Khan called on Wednesday for the United Nations to help mediate between nuclear armed India and Pakistan over the disputed territory of Kashmir.

"This is a potential flashpoint," Khan said during a media briefing at the annual meeting of the World Economic Forum in Davos, Switzerland, adding that it was time for the "international institutions ... specifically set up to stop this" to "come into action".

The Indian government in August revoked the constitutional autonomy of Indian-administered Kashmir, splitting the Muslim-majority region into two federal territories in a bid to integrate it fully with the rest of the country.

Kashmir is claimed in full by both India and Pakistan. The two countries have gone to war twice over it, and both rule parts of it. India's portion has been plagued by separatist violence since the late 1980s.

Khan said his biggest fear was how New Delhi would respond to ongoing protests in India over a citizenship law that many feel targets Muslims.

"We're not close to a conflict right now ... What if the protests get worse in India, and to distract attention from that, what if ..."

The prime minister said he had discussed the prospect of war between his country and India in a Tuesday meeting with US President Donald Trump. Trump later said he had offered to help mediate between the two countries.

Khan said Pakistan and the United States were closer in their approach to the Taliban armed rebellion in Afghanistan than they had been for many years. He said he had never seen a military solution to that conflict.

"Finally the position of the US is there should be negotiations and a peace plan."

In a separate on-stage conversation later on Wednesday, Khan said he had told Trump in their meeting that a war with Iran would be "a disaster for the world". Trump had not responded, Khan said.

Khan made some of his most straightforward comments when asked why Pakistan has been muted in defence of Uighurs in China.

China has been widely condemned for setting up complexes in remote Xinjiang province that Beijing describes as "vocational training centres" to stamp out ""extremism and give people new skills.

The United Nations says at least one million ethnic Uighurs and other Muslims have been detained.

When pressed on China's policies, Khan said Pakistan's relations with Beijing were too important for him to speak out publicly.

"China has helped us when we were at rock bottom. We are really grateful to the Chinese government, so we have decided that any issues we have had with China we will handle privately."

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