Rotomac Owner Accused Of Defaulting On Rs 800Cr, Arrested

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Kanpur: Vikram Kothari, managing director and chairman of Rotomac Global Private Limited, who has been accused of fleeing the country after defaulting on repayments of more than Rs 800 crore loans from state-owned banks, booked.

Central Bureau Of Investigation (CBI) raided the properties of Rotomac MD Vikram Kothari and arrested him on Monday morning, according to reports by Times Now.

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Rotomac promoter Vikram Kothari has earlier rejected reports that he fled the country after taking a Rs 800 crore bank loan, saying he is “very much” in hometown Kanpur. CBI has filed a case against Rotomac Pens owner Vikram Kothari and others.

“First of all, don’t call it a scam. Also, I am not leaving the country and I am very much in Kanpur. Banks have declared my company nonperforming asset (NPA), but not defaulter. The matter is still sub judice with National Company Law Tribunal (NCLT). I have taken loans and will repay it all soon,” the statement said.

According to media reports, Kothari has been accused of taking loans worth Rs 800 crore from five government-run banks – Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India. All the aforementioned banks had reportedly “compromised” rules to give away these loans.

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