Key facts in Vikram Kothari's round-tripping case

His family was popularly referred as the ‘Gutka kings’— they own Pan Parag

GN Bureau | February 23, 2018


#Rotomac Global   #NPA   #Rotomac Pen   #Vikram Kothari  
Vikram Kothari with CBI officials at Patiala Court (Photo by Arun Kumar)
Vikram Kothari with CBI officials at Patiala Court (Photo by Arun Kumar)

Have you used Rotomac pen? The brand is owned by a Kanpur-based Kothari family, which owns Rotomac Global, now under CBI and ED scanner for round-tripping. Rotomac Global is run by Vikram Kothari, who is also the managing director with the firm.

A key allegation against Kothari is that he obtained loans on the ground of procuring goods and doing exports. Apparently, Rotomac Global has taken loans from a consortium of seven nationalised banks— Bank of India, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Allahabad Bank and Oriental Bank of Commerce. It owns Rs 3,695 crore to the banks.

According to the CBI, the firm has siphoned of Rs 2,919 crore taken in form of loan from the seven banks. 

The CBI has arrested Vikram and his son Rahul, holding position of a director, on Thursday.

The firm took Rs 4.56 billion from Bank of Baroda. According to the public sector bank, the Rotomac Global account was considered as a non-performing asset (NPA) on October 3, 2015.

Currently, apart from the CBI, Enforcement Directorate, ED, and income tax (IT) department, too, are investigating cases against him.

The ED said that it has issued notices to agencies governing land, sea and air transports so as to ensure that the Kothari and his family don’t leave the country. The IT department has attached 11 bank accounts related to Rotomac and its promoters.

The family business was started by MM Kothari, Vikram’s father. The family was popularly referred as the ‘Gutka kings’— they own Pan Parag. The senior Kothari with his sons Vikram and Deepak was the first to introduce mouth fresheners (pan masala) in smart porches which came with zipper and small sachets with lower prices. The small sachet idea was then picked up by MNCs including Unilever and P&G.

 

Comments

 

Other News

What exactly is the true purpose of business?

Invaluable By Somik Raha IndiePress, 316 pages, Rs 701 From coding at age 12 to a deep dive into philoso

Yoga Day has changed perceptions about it in ten years: PM

The expanding awareness of Yoga over the past ten years has changed perceptions associated with it, prime minister Narendra Modi said in Srinagar on Friday on the occasion of the International Day of Yoga.   “Yoga is now emerging beyond limited boundaries. The world is witnessing t

Listening to tomorrow: The imperative for youth-driven data in India

Over a decade and a half ago when I was still a student, millennials felt the burning need to break down the barriers of gatekeeping in traditional media. Young voices, brimming with ideas and opinions, were often sidelined, their perspectives deemed too marginal or unrefined for mainstream discourse. This

Israel-Palestine War: Lessons from Past Peace Efforts

Israel-Palestine War: Give Peace a Chance By Dr. Joseph K. Thomas IndiePress, 243 pages, Rs 399 T

How inner work helps subvert painful narratives

Unashamed By Neha Bhat HarperCollins, 240 pages, Rs 499   * How do I connect better with my partner? *&nbs

Heatwave spikes power demand: measures taken to ensure supply

The Northern Region has been experiencing high power demand conditions due to a prevailing heat wave since May 17. Despite these challenging conditions, the highest ever peak demand of 89 GW in the Northern Region was successfully met on June 17. This achievement was made possible by import

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter