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
June 15,2020

New Delhi, Jun 15: Two officials working with the Indian High Commission in Islamabad have reportedly gone missing, sources said.

The two officials are untraceable for the last few hours.

Recently news agency reported on how Pakistan 's spy agency ISI has been tailing and harassing Indian officials and also increased their presence at the residence of Acting High Commissioner Gaurav Ahluwalia.

This incident came in the backdrop when two Pakistani officials were caught red-handed and sent back trying to collect classified information and spying in Delhi.

South block is watching the developments closely, the Indian mission has also launched a complaint with local authorities and taken up the matter Pakistan Foreign Ministry.

This incident can cause a further dip in the already tense India-Pakistan relations.

Earlier in the month, India deported two Pakistani officials for espionage activities in India.

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coastaldigest.com news network
May 4,2020

Mangaluru, May 4: No major crowds were seen in the coastal city of Mangaluru today except in front of the liquor shops after the district administration relaxed the lockdown norms for 12 hours a day (between 7am and 7pm).

There was no mad rush of vehicles either on city roads when the relaxed lockdown began. There were fewer people to buy essentials in front of grocery and vegetable shops as they had time till late evening.

There was no let down in the number of police pickets as well as curbs on vehicular movement across the city either. 

The government has allowed sale of liquor in CL2 (standalone wine shops) and CL 11 (MSIL outlets) to mop up revenues when Lockdown-3 commenced from Monday. Compared the other parts of Karnataka, the size of queues in front of liquor shops in Mangaluru were smaller. 

Like other parts of the country, the lockdown was imposed in the coastal district on March 24 to prevent the spread of Covid-19. Prior to that, a curfew was imposed in the district from March 22 midnight. The lockdown did not apply to essential services such as sale of food, groceries, milk, vegetables, fruits, and meat and fish. Gradually the district administration had to intensify the lockdown and allow those shops to remain open only between 7 a.m. and 12 noon. 

With the lockdown relaxation extending till 7 p.m., Mangaluru today witnessed people and private vehicles moving freely in the afternoon for the first time in more than a month. However, only those who had to go for work and do other essential activities were seen on roads. After 7 p.m. movements of all kinds of vehicles will be prohibited. 

The relaxation was to facilitate economic activities that had come to a standstill during the first two phases of lockdown. Mangaluru City Police Commissioner Dr P S Harsha, meanwhile, warned the people against misusing lockdown relaxation and venturing out without any genuine reason.

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News Network
January 19,2020

Shirdi, Jan 19: Shirdi in Maharashtra will remain closed for an indefinite period from today in the wake of state Chief Minister Uddhav Thackeray's decision to develop Pathri town in Parbhani district as Sai Baba's birthplace.

However, Deepak Madukar Muglikar, Chief Executive Officer of Shri Saibaba Sansthan Trust, has said that Sai Baba Temple in Shirdi will remain open today and will not be impacted by the closure of the city.

"There are some reports in media that Sai Temple in Shirdi will remain closed on January 19. I want to clarify that it is just a rumor. Temple will remain open on January 19," Mr Muglikar said.

A call has been given for indefinite closure of Shirdi after Mr Thackeray's reported comment terming Pathri in Parbhani as Sai Baba's birthplace.

"Devotees will not face any difficulty if they come to Shirdi," said B Wakchaure, member of Saibaba Sansthan Trust.

Uddhav Thackeray has recently announced that Pathri will be developed as the birthplace of Sai Baba for religious tourism and also took a review meeting of the development plans in the Parbhani district.

One of the most popular religious destinations in the country, Saibaba Temple in Shirdi witnesses lakh of devotees visiting the holy site every year.

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