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
July 29,2020

Ambala, Jul 29: The five French Rafale fighter jets touched down at Haryana's Ambala after covering a distance of nearly 7,000 km to join the Indian Air Force.

The jets were given a customary water salute upon their arrival at the airbase, some 220-km from the India-Pakistan border.

The formal induction ceremony of the aircraft would be held later. The aircraft would move out soon to another operational base for operational sorties.

After taking off from France on Monday, the aircraft made their first stopover at a French base in the United Arab Emirates on their way to India and were refuelled by the French Air Force tanker aircraft somewhere around Greece or Israel over the sea before landing there.

The five were flown by pilots of the 17 Golden Arrows led by Commanding Officer Group Captain Harkirat Singh along with other pilots, Wing Commanders MK Singh, R Kataria, Sidhu and Arun.

The five Rafale fighter aircraft took off on Monday for India from an airbase in France. The weather in Ambala was cloudy with one or two spells of rain or thundershowers being forecasted.

India had signed a Rs 59,000-crore deal on September 23, 2016 for 36 Rafale jets from French aerospace major Dassault Aviation.

In view of Rafale fighter jets landing in the city on Wednesday, Section 144 is being imposed in four villages close to Ambala airbase. Munish Sehgal, DSP Traffic, Ambala, said the administration is on a high alert and the gathering of people on roofs and photography during landing has been strictly prohibited.

The five Rafale fighter jets had entered the Indian Airspace earlier in the day. "The Birds have entered the Indian airspace..Happy Landing in Ambala!" tweeted the Defence Minister's Office earlier on Wednesday.

The Defence Minister's Office further informed that the five Rafales were escorted by 02 SU30 MKIs as they enter the Indian airspace.

Here are the key Highlights of Rafale:

It's an Omni role aircraft.
4th Generation Fighter Jet.
It's a two-engine aircraft.
It's top speed is 2,222 Km/Hr.
It can go up to 50,000 Ft.
It's Rate of Climb is 60,000 Ft/Min.
It's Operational Range is 3,700 Km.
Ground Support.
In-depth Strike.
Anti-Ship Strike.

Reach and combat radius is 1600-1700 Kms.
Capable for Long Range standoff Mission.
Equipped with Air-to-Ground Missile System.

Specifically designed to take off from an extremely cold high altitude region.

It will also be fitted with the air-to-air beyond visual range interception combat and self-defence missile.

It can also carry the best long range air-to-land missile.

It has multi-directional radar system which can detect 40 targets at the same time in a range of over 100 Kms.

It has advance radar warning receiver to identify hostile tracking system a towed decoy system to thwart incoming missile attacks.

Rafale will ensure that our pilots will not have to cross the border to strike the target, that is about 600 Km in enemy territory.

It will get French industrial support for 50 years. 

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Agencies
March 6,2020

Mumbai, Mar 6; The Indian equity indices slumped on Friday morning, with the BSE Sensex falling over 1,450 points

The slump across the sectoral indices was led by the finance and banking stocks as the Reserve Bank of India on Thursday superseded the board of directors of Yes Bank and placed it under moratorium.

Persistent fears of the coronavirus outbreak severely impacting global economy also weighed on the investor sentiments, analysts said.

At 9.36 a.m., the BSE Sensex trimmed some losses and was trading at 37,376.66, lower by 1,093.95 points or 2.84 per cent from the previous close of 38,470.61

So far, the index has touched an intra-day low of 37,011.09, falling by 1,459.52 points.

It had opened at the intra-day high of 37,613.96.

The Nifty50 on the National Stock Exchange was trading at 10,938.75, lower by 330.25 or 2.93 per cent from its previous close.

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Agencies
August 3,2020

The Drugs Controller General of India (DCGI) has given nod to the Serum Institute of India (SII) for conducting phase 2 and 3 human clinical trials of the Oxford University developed Covid-19 vaccine candidate in the country.

Government officials said that the approval for conducting phase 2 and 3 clinical trials by the SII was granted by DCGI Dr V G Somani late Sunday night after a thorough evaluation based on the recommendations of the Subject Expert Committee (SEC) on Covid-19.

"The firm has to submit safety data, evaluated by the Data Safety Monitoring Board (DSMB), to the CDSCO before proceeding to phase 3 clinical trials," a senior official said.

"As per the study design, each subject will be administered two doses four weeks apart (first dose on day one and second dose on day 29) following which the safety and immunogenicity will be assessed at predefined intervals," the official said.

As a rapid regulatory response, the expert panel at the Central Drugs Standard Control Organisation (CDSCO) on Friday, after a detailed deliberation and considering the data generated on the vaccine candidate in phase 1 and 2 of the Oxford University trial, had recommended granting permission for phase 2 and 3 clinical trials of the potential vaccine, 'Covishield', on healthy adults in India,  the officials said.

Currently, phase 2 and 3 clinical trials of the Oxford vaccine candidate is going on in the United Kingdom, phase 3 clinical trial in Brazil and phase 1 and 2 clinical trials in South Africa.

The officials said that the SII had submitted a revised proposal on Wednesday after the SEC on July 28, following deliberation over its application, had asked it to revise its protocol for the phase 2 and 3 clinical trials besides seeking some additional information.

The panel had also recommended that the clinical trial sites which have been proposed for the study be distributed across India.

According to the revised proposal by the SII, 1,600 people aged above 18 years will participate in the trials across 17 selected sites, including AIIMS-Delhi, B J Medical College in Pune, Rajendra Memorial Research Institute of Medical Sciences (RMRIMS) in Patna, Post Graduate Institute of Medical Education and Research in Chandigarh, AIIMS-Jodhpur, Nehru Hospital in Gorakhpur, Andhra Medical College in Visakhapatnam and JSS Academy of Higher Education and Research in Mysore.

"According to the application, it would conduct an observer-blind, randomised controlled study to determine the safety and immunogenicity of 'Covishield' on healthy Indian adults," the official said.

The SII, which has partnered with AstraZeneca, for manufacturing the Oxford vaccine candidate for Covid-19 had submitted its first application to the DCGI on July 25 seeking permission for conducting the phase 2 and 3 trials of the potential vaccine. 

Initial results of the first two-phases of trials of the vaccine conducted in five trial sites in the UK showed that it has an acceptable safety profile and homologous boosting increased antibody response, sources had said.

To introduce the vaccine, SII, the world's largest vaccine maker by number of doses produced and sold, has signed an agreement to manufacture the potential vaccine developed by the Jenner Institute (Oxford University) in collaboration with British-Swedish pharma company AstraZeneca. 

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