Vikram Kothari took a loan of Rs 485 crore from Mumbai-based Union Bank of India and a loan of Rs 352 crore from Kolkata-based Allahabad Bank. A year later, Kothari has reportedly not paid back either the interest or the loan.
Multi-core loan default accused and promoter of Rotomac Group 73-year-old Vikram Kothari died in a freak accident at his Kanpur residence on Tuesday morning. According to reports, the erstwhile stationery czar sustained grievous head injuries after slipping in his bathroom and later succumbed to his injuries. He was reportedly alone at his Tilak Nagar residence at the time of the incident. Vikram, also known as 'India's Pen King', was accused in a bank loan scam worth thousands of crores pertaining to Rotomac Global, which exported writing instruments overseas.
Dulquer may be good looking but how long can you watch him with a cigarette in his mouth, giving that deadpan expression, wonders Divya Nair.
Vikram Kothari, managing director of Rotomac Pens, is now fighting a battle that might be difficult to win.
Vikram Kothari finds himself stands accused of a bank loan default to the tune of thousands of crores.
According to a complaint from Bank of Baroda, the conspirators allegedly cheated a consortium of bank loans of Rs 3,695 crore. The scam was earlier estimated at around Rs 800 crore.
If there is a morality tale here, it is that debt and death spare no king.
While the formation of a holding company will not outright privatise State-owned banks, officials believe it will help the Centre deflect criticism arising out of the latest banking scams.
'All governments try owning the message, but the Modi-Shah BJP has developed it into a fine art.'
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