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

How Antyodaya Saral is simplifying everyday life in Haryana

From obtaining an electricity connection to a driver`s licence, ration card, or old-age allowance, delivery of government schemes and services is an aspect of governance that impacts citizens at various points throughout their lives. The Haryana state government provides over 600 such schemes and services.

A blueprint of India’s economic future: From a former RBI governor

From Dependence to Self-Reliance: Mapping India’s Rise as a Global Superpower By Bimal Jalan Rupa Publications, 184 pages, Rs 695 Bimal Jalan, a former governor of the Reserve Bank of India (RBI), has been one of our finest commentators on econom

Carbon neutrality: distant dream or a possible future?

While many countries have been chasing to reach the carbon neutral status, only a few seem to be living up to their pledges as of now. The famous ’Paris Agreement’ of 2015 was glorified and celebrated that finally 196 countries have united with an intent to mitigate and reduce the greenhouse ga

Agnipath: benefits and challenges on the path ahead

The government this week announced the Tour of Duty or `Agnipath` scheme for the recruitment of soldiers in the armed forces. Under this scheme new soldiers will be recruited only for four years. This radical and far-reaching scheme has attracted mixed reactions from various quarters. While some officials

Connecting credit card with UPI: What it means for you

UPI has become an integral part of our daily lives now. We use it to buy groceries, we use it to send money to friends and family, we use it to purchase tickets, book shows, pay the cab driver, and a whole host of other things due to the ease and availability of such a platform at our fingertips. The best

Gandhi’s letters to his youngest son also hold his aspirations for nation

Scorching Love: Letters from Mohandas Karamchand Gandhi to his son, Devadas By Gopalkrishna Gandhi and Tridip Suhrud Oxford University Press, 528 page, Rs 1495 Gandhi’s era happened to be an era when letter-writing was a primary mode of communica

Visionary Talk: Sanjay Pandey, Mumbai Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter