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 11,2020

Washington, Jun 11: Observing that historically India has been a tolerant, respectful country for all religions, a top Trump administration official has said the US is "very concerned" about what is happening in India over religious freedom.

The comments by Samuel Brownback, Ambassador-At-Large for International Religious Freedom, came hours after the release of the "2019 International Religious Freedom Report" on Wednesday.

Mandated by the US Congress, the report documenting major instances of violation of religious freedom across the world was released by Secretary of State Mike Pompeo at the State Department.

India has previously rejected the US religious freedom report, saying it sees no locus standi for a foreign government to pronounce on the state of its citizens' constitutionally protected rights.

"We do remain very concerned about what's taking place in India. It's historically just been a very tolerant, respectful country of religions, of all religions," Mr Brownback said during a phone call with foreign journalists on Wednesday.

The trend lines have been troubling in India because it is such a religious subcontinent and seeing a lot more communal violence, Mr Brownback said. "We're seeing a lot more difficulty. I think really they need to have a - I would hope they would have an - interfaith dialogue starting to get developed at a very high level in India, and then also deal with the specific issues that we identified as well," he said.

"It really needs a lot more effort on this topic in India, and my concern is, too, that if those efforts are not put forward, you're going to see a growth in violence and increased difficulty within the society writ large," said the top American diplomat.

Responding to a question, Mr Brownback said he hoped minority faiths are not blamed for the COVID-19 spread and that they would have access to healthcare amid the crisis.

Prime Minister Narendra Modi has criticised any form of discrimination, saying the COVID-19 pandemic affects everyone equally. "COVID-19 does not see race, religion, colour, caste, creed, language or border before striking. Our response and conduct thereafter should attach primacy to unity and brotherhood," PM Modi said in a post on LinkedIn in February.

The government, while previously rejecting the US religious freedom report, had said: "India is proud of its secular credentials, its status as the largest democracy and a pluralistic society with a longstanding commitment to tolerance and inclusion".

"The Indian Constitution guarantees fundamental rights to all its citizens, including its minority communities… We see no locus standi for a foreign entity/government to pronounce on the state of our citizens' constitutionally protected rights," the Foreign Ministry said in June last year.

According to the Home Ministry, 7,484 incidents of communal violence took place between 2008 and 2017, in which more than 1,100 people were killed.

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News Network
April 2,2020

Mumbai, Apr 2: NCP chief Sharad Pawar on Thursday

urged Muslims to observe Shab-e-Barat staying inside their homes, and also suggested that the birth anniversary celebrations of Dalit icon Dr B R Ambedkar be postponed in view of the coronavirus outbreak.

Pawar said Ram Navami, being observed on Thursday, is celebrated with fervour every year across the country.

"Unfortunately, there is this threat of coronavirus this year and we have to observe some restrictions...but I am sure people must be remembering Lord Ram staying inside their homes," he said in his address via Facebook.

Shab-e-Barat, also known as the night of forgiveness,will be observed on April 8.

Members of the Muslim community visit graveyards to remember their relatives who are no more, Pawar said, and called for taking precautions to avoid gathering of people given the coronavirus crisis.

Pawar said congregation such as the one held last month in Delhi's Nizamuddin area by Tablighi Jamaat could have been avoided, and urged people to ensure there is no repeat of such meetings on Shab-e-Barat.

"The meeting should have been avoided, but it was notand others may have to pay for it," Pawar said referring to the religious meeting in the national capital.

He said the "possibility of some people who attended the meeting carrying the disease cannot be ruled out" and pressed for maintaining discipline given the situation caused by the COVID-19 outbreak.

"Shab-e-Barat is on April 8. Muslims remember their relatives, who are not more, by visiting kabrastan (graveyard). It should be observed inside home. Precaution should be taken to see there is no repeat of the Nizamuddin meeting-like episode," he said.

The birth anniversary of Ambedkar, the architect of the Indian Constitution, is observed on April 14.

Pawar said people should also think about postponing Ambedkar's birth anniversary celebrations.

"We normally celebrate it (the anniversary) for two or so months. We should think whether we should really observe the programme at this juncture (given the coronavirus threat).

If we come together, we may have to face health issues," the former Union minister said.

He said in general, 90 per cent people have been observing the lockdown, but 10 per cent are not doing so.

The Centre and the Maharashtra government may have to extend the lockdown period if discipline is not observed till April 14 (till when the lockdown is in force), he said, urging people to toe the line in the interest of each other.

Pawar also praised Chief Minister Uddhav Thackeray, the state administration and police for working round-the- clock, and asked people to cooperate with them by staying at home.

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News Network
June 19,2020

New Delhi, Jun 19: India on Friday added 13,586 new COVID-19 cases for the first time in a single day, pushing the tally to 3,80,532, while the death toll rose to 12,573 with 336 new fatalities, according to the Union Health Ministry data.

In some positive news, the number of recoveries crossed the two lakh-mark and stands at 2,04,710, while there are 1,63,248 total COVID-19 active cases, according to the updated official figure at 8 am.

One patient had migrated.

"Thus, around 53.79 percent patients have recovered so far," an official said.

The total number of confirmed cases include foreigners. 

India registered over 10,000 cases for the eighth day in a row.

Of the 336 new deaths reported till Friday morning, 100 were in Maharashtra, 65 in Delhi, 49 in Tamil Nadu, 31 in Gujarat, 30 in Uttar Pradesh, 12 each in Karnataka and West Bengal, 10 in Rajasthan, six in Jammu and Kashmir, five in Punjab, four each in Haryana and Madhya Pradesh, three in Telangana, two in Andhra Pradesh and one each in Assam, Jharkhand and Kerala.

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