The CBI on Monday conducted raids on properties of Vikram Kothari, the owner of Rotomac Pens, in Kanpur.
The Central Bureau of Investigation (CBI) on Monday conducted raids on properties of Vikram Kothari, the owner of Rotomac Pens, in Kanpur.
The CBI has filed a case against him for failing to return Rs 800 crore loan he took from various public sector banks.
The Kanpur-based industrialist, Vikram Kothari on Sunday denied media reports that said he had fled the country.
He was spotted at the wedding of Jagran group owner Sanjeev Gupta's daughter's wedding in Kanpur yesterday.
Kothari said that he had gone nowhere and was very much in Kanpur. About his whopping bank borrowings, he said that talks are on with the banks to settle the loans. "I am in Kanpur and will remain here. My company is in talks with the banks, and they would return every penny borrowed," said Kothari.
Kothari took loans from various public sector banks including Allahabad Bank, Bank of India and Union Bank of India. The banks reportedly compromised with their rules to give loans to Kothari.
His father, MM Kothari, had launched the famous mouth freshener Paan Parag. After his demise, Vikram had formed Rotomac Company to embark on a stationary business. They had taken loans worth Rs 800 crore from various public sector banks including Allahabad Bank, Bank of India, Union Bank of India,Indian Overseas Bank and Bank of Baroda.
A few months ago, he had to down the shutters of Rotomac after suffering huge losses. Since then he has not paid any installment on the loans taken from the banks, which turned him into a defaulter. The banks have initiated legal proceedings against his company and may approach authorities to auction his mortgaged properties to recover their dues.
"I will sell off my properties to pay bank dues," Kothari said.
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 "Rotomac Pens owner Vikram Kothari")
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