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

BSNL, MTNL to be revived, merged

The union cabinet on Wednesday approved the proposal for revival of public sector telephony companies BSNL and MTNL by administrative allotment of spectrum for 4G services, debt restructuring by raising of bonds with sovereign guarantee, reducing employee costs, monetisation of assets and in-principle appr

Modi wave, it seems, shows no signs of stopping

The voters’ trust in Brand Modi is not a short-term affair – if anything, it is only increasing, or so it seems going by the numbers exit polls have given after the Maharashtra and Haryana assembly elections. Predictions from three TV channels differ widely but each has the BJP/NDA in the top p

All you wanted to know about Maharashtra, Haryana elections

Fact Sheet: Maharashtra assembly elections * Date of polling: 21 October * Date of counting 24 October * Assembly Constituencies: 288 * 2014 results: The BJP contested 260 states, and won 122, with a voting percentage of

Manmohan Singh favours ‘time-tested measures’ for economy

The much hyped ‘double engine’ model of governance on which the BJP is seeking votes has utterly failed, and Mumbai and Maharashtra have had to face some of the worst effects of economic slowdown, former prime minister Manmohan Singh has said. A lot of problems facing Maharashtra

“If the oppn is weak you can’t blame the govt for that”

A three-term Rajya Sabha member, Sanjay Raut is the Shiv Sena spokesperson and its voice in parliament. He is also the executive editor of Marathi newspaper Samana, started by Shiv Sena founder Bal Thackeray. Raut spoke with Geetanjali Minhas on his party’s seat-sharing agreement

Ashish Shelar of BJP says, “We are very confident of victory”

Ashish Shelar, 47, was the president of the Mumbai city unit of the BJP, before he became the minister of school education, sports and youth welfare in the Maharashta government this year. He has represented the Vandre West constituency in the state assembly and seeking re-election. In a chat with



Archives

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter