Close on the heels of the Punjab National Bank scam, the CBI on Monday registered an FIR against Rotomac Pen and its promoter Vikram Kothari for allegedly defaulting on loans of over Rs 800 crore from multiple banks following a complaint from Bank of Baroda (BoB).<\/p>\n
The agency carried out raids at several locations in Kanpur, where the company is based and Kothari and his wife were being questioned at their Kanpur residence.<\/p>\n
With his office in Lucknow found locked for a week, Kothari was earlier rumoured to have left the country, but he clarified through local media yesterday that he was in Kanpur.<\/p>\n
Kothari had reportedly taken a loan of more than Rs 800 crore from over five state-owned banks. Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India allegedly compromised their rules to sanction loans to Rotomac, reported The India Express, quoting sources. 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.<\/p>\n
A year later, Kothari has allegedly not paid back either the interest or the loan and in Feb 2017, Bank of Baroda, a consortium partner declared pen manufacturer Rotomac Global Pvt Ltd as \u201cwilful defaulter\u201d.<\/p>\n
Rotomac had contested the tag in the Allahabad High Court on the ground that it had offered Rs 300 crore assets to the bank and still it was called a wilful defaulter. The company had got an order in its favour but failed to pay the loans.<\/p>\n
A report in Business Today carried a statement issued by Kothari following rumours that he had fled the country: “First of all, it is not a scam. I am not going anywhere. I am an Indian citizen and am very much in my hometown. Though banks have declared my company as a non-performing asset (NPA), I am not a defaulter. The matter is still sub judice with the National Company Law Tribunal (NCLT). I am regularly in touch with the banks and am constantly cooperating with them. I availed the loans and will repay them soon.”<\/p>\n","protected":false},"excerpt":{"rendered":"
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