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Rotomac owner flees India after taking Rs800 crore loans


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Vikram Kothari has allegedly gone abroad after swindling Rs800 crore from various public sector banks, including Allahabad Bank, Bank of India and Union Bank of India

 

New Delhi: After billionaire diamantaire Nirav Modi, another defaulter Vikram Kothari, the promoter of Rotomac Pen, has also allegedly gone abroad after swindling Rs800 crore from various public sector banks, including Allahabad Bank, Bank of India and Union Bank of India, people familiar with the matter said.

The Kanpur-based company’s owner had taken a loan of more than Rs800 crore from over five state-owned banks.

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 people said. Kothari took a loan of Rs485 crore from Mumbai-based Union Bank of India and a loan of Rs352 crore from Kolkata-based Allahabad Bank. A year later, 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”.

 

http://www.livemint.com/Companies/M0gkASOjEYHefJH2UMxAKM/Rotomac-owner-flees-India-after-taking-Rs800-crore-loans.html

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"Will Stay In Kanpur": Rotomac Owner Amid Reports Of Leaving Country

Vikram Kothari, Rotomac's owner, had taken a loan of more than Rs. 800 crore from over five state-owned banks, including Allahabad Bank, Bank of India and Union Bank of India.

 

"Will Stay In Kanpur": Rotomac Owner Amid Reports Of Leaving Country

Vikram Kothari, Rotomac's owner, had taken a loan of more than Rs. 800 crore from over five state-owned banks, including Allahabad Bank, Bank of India and Union Bank of India.

All India | Press Trust of India | Updated: February 19, 2018 07:36 IST
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'Will Stay In Kanpur': Rotomac Owner Amid Reports Of Leaving Country

 

A year later, Vikram Kothari has reportedly not paid back either the interest or the loan.

NEW DELHI: 

HIGHLIGHTS

  1. Vikram Kothari, promoter of Rotomac Pen, has allegedly gone abroad
  2.  He allegedly took loans worth Rs.800 crore from over five banks
  3. A year later, he is yet to pay back the loans or the interest on them
 
 After billionaire jewellery designer Nirav Modi, another defaulter Vikram Kothari, the promoter of Rotomac Pen, has denied reports that he has left the country.

The Kanpur-based company's owner had taken a loan of more than Rs. 800 crore from over five state-owned banks, including Allahabad Bank, Bank of India and Union Bank of India.
 
 
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 Rs. 485 crore from Mumbai-based Union Bank of India and a loan of Rs. 352 crore from 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 moved the Allahabad High Court seeking removal of its name from the list of wilful defaulter.

A division bench comprising Chief Justice DB Bhosle and Justice Yashwant Verma had passed the order on a petition filed by the company, contending that it has been wrongly declared a "wilful defaulter" by BoB despite having "offered assets worth more than Rs. 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.

The development comes less than a week after Punjab National Bank (PNB) had detected a USD 1.77 billion (about Rs. 11,400 crore) scam wherein Mr Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.

The PNB fraud pertains to issuance of fake LoUs to companies associated with billionaire jeweller Nirav Modi by errant PNB employees, which enabled these companies to raise buyers credit from international branches of other Indian lenders.
 

Last month, PNB had lodged an FIR with CBI stating that fraudulent LoUs worth Rs. 280.7 crore were first issued on January 16. At the time, PNB had said it was digging into records to examine the magnitude of the fraud.

In the complaint, PNB had named three diamond firms - Diamonds R Us, Solar Exports and Stellar Diamonds - saying they had approached it on January 16 with a request for buyers credit for making payment to overseas suppliers.

 

https://www.ndtv.com/india-news/after-nirav-modi-rotomac-pens-rs-800-crore-defaulter-flees-country-1814218

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1 hour ago, coolie said:

Society corrupt ainappudu businessman neethi manthulu ela autharu...  Indian mindset itself is very corrupt..... 

agreed, vallani punish chesey govt kuda corruption chestundi, ye party unna power lo same thanthu, dheniki end ledemo ika, ppl are becoming greedy more n more

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3 minutes ago, perugu_vada said:

agreed, vallani punish chesey govt kuda corruption chestundi, ye party unna power lo same thanthu, dheniki end ledemo ika, ppl are becoming greedy more n more

okay, nuvu prati thread lo idey statement tappa em cheyalev ani telusu. ne statement kosam evadu wait cheyatla ikada

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10 minutes ago, Batman_fan said:

okay, nuvu prati thread lo idey statement tappa em cheyalev ani telusu. ne statement kosam evadu wait cheyatla ikada

Baga khaalee ga unnav anukunta , follow authunav nannu , gud job, keep it up

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Just now, perugu_vada said:

Baga khaalee ga unnav anukunta , follow authunav nannu , gud job, keep it up

eh thread open chesina ne item statement exact ga kanapadutundi, nuvu ah statement ana maneyi leka threads lo veyadam kuda maneyi. na lanti valu useful discussion petukuntaru. lekaotey conversations anta weekend kabati emotional ayaru antlu vuntundi discussion

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1 hour ago, Batman_fan said:

okay, nuvu prati thread lo idey statement tappa em cheyalev ani telusu. ne statement kosam evadu wait cheyatla ikada

weekend man.

 

repu nunchi weekday kada 

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