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Vikram Kothari, the promoter of Rotomac Pen has been charged by CBI and is being raided. In a FIR filed last night, the agency has charged him with defaulting on loans worth Rs.800 crore.
Mr Kothari took loans worth more than Rs.800 crore from 5 state owned banks, Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India.
He 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. Further, in 2017, Bank of Baroda, a consortium partner, had declared Rotomac Global Pvt Ltd a willful defaulter.
