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.
Agencies
February 29,2020

Doha, Feb 29: The United States signed a landmark deal with the Taliban on Saturday, laying out a timetable for a full troop withdrawal from Afghanistan within 14 months as it seeks an exit from its longest-ever war.

President Donald Trump urged the Afghan people to embrace the chance for a new future, saying the deal held out the possibility of ending the 18-year conflict.

"If the Taliban and the government of Afghanistan live up to these commitments, we will have a powerful path forward to end the war in Afghanistan and bring our troops home," he said on the eve of the event in Doha.

Secretary of State Mike Pompeo arrived in the Qatari capital to witness the signing of the accord, while Defence Secretary Mark Esper was in Kabul for a separate joint declaration with the Afghan government.

The agreement is expected to lead to a dialogue between the Kabul government and the Taliban that, if successful, could ultimately see the Afghan war wind down.

But the position of the Afghan government, which has been excluded from direct US-Taliban talks, remains unclear and the country is gripped by a fresh political crisis amid contested election results.

The United States and its allies will withdraw all their forces from Afghanistan within 14 months if the Taliban abide by the Doha agreement, Washington and Kabul said in a joint statement.

After an initial reduction of troops to 8,600 within 135 days of Saturday's signing, the US and its partners "will complete the withdrawal of their remaining forces from Afghanistan within 14 months... and will withdraw all their forces from remaining bases", the declaration stated.

The Doha accord was drafted over a tempestuous year of dialogue marked by the abrupt cancellation of the effort by Trump in September.

The signing comes after a week-long, partial truce that has mostly held across Afghanistan, aimed at building confidence between the warring parties and showing the Taliban can control their forces.

NATO Secretary General Jens Stoltenberg heralded the agreement as a "first step to lasting peace".

"The way to peace is long and hard. We have to be prepared for setbacks, spoilers, there is no easy way to peace but this is an important first step," the Norwegian former prime minister told reporters in Kabul.

Since the US-led invasion that ousted the Taliban after the September 11, 2001 attacks, America has spent more than $1 trillion in fighting and rebuilding in Afghanistan.

About 2,400 US soldiers have been killed, along with unknown tens of thousands of Afghan troops, Taliban fighters and Afghan civilians.

The insurgents said they had halted all hostilities Saturday in honour of the agreement.

"Since the deal is being signed today, and our people are happy and celebrating it, we have halted all our military operations across the country," Taliban spokesman Zabihullah Mujahid told AFP.

Close to 30 nations were represented at Saturday's signing in the Qatari capital.

While Kabul will not be represented at the Doha ceremony, set for 1245 GMT, it will send a six-person taskforce to the Qatari capital to make initial contact with the Taliban political office, established in 2013.

Any insurgent pledge to guarantee Afghanistan is never again used by jihadist movements such as Al-Qaeda and the Islamic State group to plot attacks abroad will be key to the deal's viability.

The Taliban's sheltering of Al-Qaeda was the main reason for the US invasion following the 9/11 attacks.

The group, which had risen to power in the 1990s in the chaos of civil war, suffered a swift defeat at the hands of the US and its allies. They retreated before re-emerging to lead a deadly insurgency against the new government in Kabul.

After the NATO combat mission ended in December 2014, the bulk of Western forces withdrew from the country, leaving it in an increasingly precarious position.

While Afghans are eager to see an end to the violence, experts say any prospective peace will depend on the outcome of talks between the Taliban and the Kabul government.

But with President Ashraf Ghani and rival Abdullah Abdullah at loggerheads over contested election results, few expect the pair to present a united front, unlike the Taliban, who would then be in a position to take the upper hand in negotiations.

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.
Agencies
February 27,2020

Bengaluru, Feb 27: Defence Minister Rajnath Singh on Thursday said that the situation is moving towards normalcy in Delhi after recent incidents of violence.

"Situation is moving towards normalcy," Rajnath told media here.

Joint Commissioner of Police (Traffic) Narendra Singh Bundela on Thursday said that the law and order and traffic situation in violence-affected parts of Delhi is normal.

"The situation is quite normal and peaceful as far as security and traffic are concerned. We have held talks and conducted patrols with people of all communities. Services such as road cleaning have resumed and traffic flow is normal," Bundela told ANI here.

"People can go out to get their daily needs from the market but we are advising them not to come out in groups," he added.

Meanwhile, the death toll in the incidents of violence in North-East Delhi has risen to 34.

Delhi Police has registered 18 FIRs and 106 people have been arrested in connection with the violence.

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
January 7,2020

Jan 7: A Delhi Court today issued death warrant against four convicts in the 2012 Nirbhaya gang-rape and murder case. The hanging will take place on January 22 at 7 am.

During the hearing, the prosecution said there was no application pending before any court or the President right now by any of the convicts and the review petition of all the convicts was dismissed by the Supreme Court.

On Monday, the court had reserved order on issuing of death warrants against four death row convicts.

Today's order comes days after mother of the victim in the 2012 Delhi gang-rape and murder case moved the Supreme Court on opposing the plea filed by one of the four death-row convicts seeking review of its 2017 judgement awarding him death penalty.

The apex court had on July 9 last year dismissed the review pleas filed by the other three convicts — Mukesh (30), Pawan Gupta (23) and Vinay Sharma (24) — in the case, saying no grounds have been made out by them for review of the 2017 verdict.

The 23-year-old girl was gangraped and murdered by six men on a moving bus on 16 December 2012. The main accused, Ram Singh, allegedly committed suicide in Tihar Jail during the trial. Another accused was a minor at the time of the commission of the crime and was sent to a reform facility and released after three years.

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.