Rotomac owner denies fleeing India, says 'very much in Kanpur', 'would return every penny borrowed'

After the PNB Scam and Nirav Modi's reported escape, the media had been discussing about the owner of Rotomac fleeing, too. But, he appeared before the media on Sunday in Kanpur and denied reports.

The Kanpur-based industrialist, Vikram Kothari, who is in debt to the tune of a whopping Rs 800 crore, denied all the media reports that did the rounds on Saturday.

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.

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 the Union Bank of India and Allahabad Bank. He had also borrowed from two other banks — 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.