His family was popularly referred as the ‘Gutka kings’— they own Pan Parag
GN Bureau | February 23, 2018
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.
Once the schedule for the next assembly elections has been announced, there is a flurry of activity around building caste coalitions. This is more intense in the most populous state, Uttar Pradesh, which is the most important state in India in any election, in view of its large population estimated a
In a competition organised by the Ministry of Housing and Urban Affairs (MoHUA), Pune, Pimpri-Chinchwad, Nagpur and Aurangabad from Maharashtra are among the 11 cities selected for scaling up their pilot projects and creating permanent public infrastructure. #Streets4People Challenge was org
The three Navy personnel who succumbed to injuries caused by an explosion on board Indian Navy`s destroyer ship INS Ranvir have been identified as Krishan Kumar MCPO (master petty chief officer)I, Surinder Kumar MCPO II & AK Singh MCPO II. In a condolence message, Admiral R Hari Kumar s
Oxfam India has this week released ‘India Supplement 2022’ with deserving caption ‘inequality kills’. The supplement discusses India’s governance structures that promote the accumulation of wealth by a few, while failing to provide safety netsto the rest of the population. The
After the oxygen crisis faced during the second wave of Covid-19, the BrihanMumbai municipal corporation (BMC) has now set up its own medical oxygen cylinder recharge projects. On Tuesday, guardian minister Aditya Thackeray launched two of the BMC’s new medical oxygen cylinders r
The world’s ten richest men more than doubled their fortunes from $700 billion to $1.5 trillion (at a rate of $15,000 per second or $1.3 billion a day) during the first two years of a pandemic while the incomes of 99 percent of humanity fall and over 160 million more people forced into poverty. A new