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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News Network
March 27,2020

Thiruvananthapuram, Mar 27: Kerala Police social media team is using innovative methods to get people engaged in the home during the lockdown period. From conversing with people to giving them suggestions of must watch movies and sharing links of e-books Kerala police have become new 'chat friend' of people in the state.
"The traditional method of policing of interacting with people is not possible due to social distancing, so Kerala police is using the digital platform to reach out to people," Additional Director General of Police (ADGP), Head Quarters Manoj Abraham, who is heading the social media wing told ANI.
"We used social media and tried to be different at the same time innovative. From creating awareness to taking precautions we through various videos like police dance, coronavirus animations etc reached out to people. We used film stars also and used local dialect. It has got good reach and public acceptance. The most important aspect is that they received the underlying message well and are staying home" he added.
Abraham also said that Social Media team of Kerala Police is also fighting the fake news and rumours being spread at the COVID- 19 times.
"Some people were misusing social media by spreading wrong information. We also went behind those who tried to sell medicines saying it is good against Coronavirus. We crushed them with an iron hand - registered cases and arrested them. We send a strong message in social media that no rumour-mongering will be allowed, " he said.
He said the Kerala Police realised that people staying indoors was one of the keys to winning the fight against COVID-19.
"We started a chat box with the public. People were in their houses and they used the time to chat with police on various aspects of lockdown. We provided them with the right information, " he said.
The social media team has prepared a list of e-books that can be downloaded and also has a list of must watch movies. Not only that the team also occasionally share jokes with people during chat sessions.
Prime Minister Narendra Modi on Tuesday announced a 21-day lockdown in the entire country effective from midnight to deal with the spread of coronavirus, saying that "social distancing" is the only option to deal with the disease.

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News Network
January 31,2020

New Delhi, Jan 31: Substantial competition and low tariff rates by telecom operators since 2016 have led to a financial stress in the sector, the Economic Survey said on Friday.

The data price in the country came down by over 99 per cent during 2016-2019, making it among the lowest tariff in the world, according to the survey.

"Since 2016, the sector has witnessed substantial competition and price cutting by the telecom service providers (TSPs), creating financial stress in the sector. As a result, the sector is experiencing consolidation. While some operators have filed for bankruptcy, others have merged, in their quest to improve viability," the survey report said.

In April-June 2019, the price of data was Rs 7.7 per gigabyte (GB) as compared to Rs 200 per GB in June 2016, it added.

"The Average Revenue Per User (ARPU) for GSM based mobile services has also gone down substantially from Rs 126 in June 2016 to Rs 74.30 in June 2019," the survey said.

The tariff war started in the market with entry of new telecom operator Reliance Jio in September 2016.

"BSNL and MTNL are also affected by the tariff war that has impacted their cash flow resulting in mounting losses," the survey said.

The financial health of the public sector telecom firms plummeted to a level where they have been finding hard to pay employees salaries in time.

The government has drawn up a plan to revive these PSUs which is still in works.

The revival plan consists of several measures, including reduction of staff cost through voluntary retirement scheme, allotment of spectrum for 4G services, monetisation of land and building, tower and fibre assets of BSNL and MTNL, debt restructuring through sovereign guarantee bonds and ''in-principle'' approval for merger of BSNL and MTNL.

The survey said that the wireless telephony now constitutes 98.27 per cent of all subscriptions whereas share of landline telephones now stands at only 1.73 per cent where market share is dominated by private sector players.

"The overall tele-density in India stands at 90.45 per cent, the rural tele-density being 57.35 per cent and urban teledensity being 160.71 per cent at the end of September 2019. The private sector dominates with a share of 88.81 per cent (106.06 crore connections) at the end of September, 2019 while the share of public sector was 11.19 per cent (13.36 crore connections)," the survey said.

The lower price of data has also lead in surge of broadband connections and average consumption of the internet.

Total broadband connections increased by about ten times, from 6.1 crore in 2014 to 59.46 crore in June 2019, the survey said.

The number of internet subscribers (both broadband and narrowband put together) stood at 66.53 crore at the end of June 2019 as compared to 25.16 crore in 2014.

The number of mobile internet subscribers was 64.36 lakh at the end of June 2019 while the number of wireline internet subscribers was 2.17 crore.

"India is now the global leader in monthly data consumption, with average consumption per subscriber per month increasing 157 times from 62 MB in 2014 to 9.8 GB in June 2019. The cost of data has also reduced substantially, enabling affordable internet access for millions of citizens," the survey said.

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News Network
June 18,2020

New Delhi, Jun 18: India on Wednesday took strong exception to China claiming sovereignty over the Galwan Valley in eastern Ladakh, saying its "exaggerated and untenable claims" are contrary to the understanding reached on the issue between the two sides.

Ministry of External Affairs Spokesperson Anurag Srivastava's response came after China claimed that the Galwan Valley in eastern Ladakh is a part of its territory.

"As we have conveyed earlier today, External Affairs Minister and the State Councillor and Foreign Minister of China had a phone conversation on recent developments in Ladakh," Srivastava said late Wednesday night.

"Both sides have agreed that the overall situation should be handled in a responsible manner and that the understandings reached between Senior Commanders on 6th June should be implemented sincerely. Making exaggerated and untenable claims is contrary to this understanding," he said.

Earlier on Wednesday, India delivered a strong message to China that the "unprecedented" incident in the Galwan Valley will have a "serious impact" on the bilateral relationship and held the "pre-meditated" action by Chinese army directly responsible for the violence that left 20 Indian Army personnel dead.

In a telephonic conversation, External Affairs Minister Jaishankar conveyed to his Chinese counterpart Wang Wi India's protest in the "strongest terms" and said the Chinese side should reassess its actions and take corrective steps, the Ministry of External Affairs said.

The Chinese Foreign Ministry, in a statement, said the two sides agreed to "cool down the situation on the ground as soon as possible", and maintain peace and tranquillity in the border area in accordance with the agreement reached so far between the two countries.

The clash in Galwan Valley on Monday night is the biggest confrontation between the two militaries after their 1967 clashes in Nathu La in 1967 when India lost around 80 soldiers while over 300 Chinese army personnel were killed.

The India-China border dispute covers the 3,488-km-long LAC. China claims Arunachal Pradesh as part of southern Tibet, while India contests it.

Prior to the clashes, both sides have been asserting that pending the final resolution of the boundary issue, it is necessary to maintain peace and tranquillity in the border areas.

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