ROTOMAC GLOBAL

The sale is the Chennai-based bank's attempt to explore other avenues for recovery when cases in the National Company Law Tribunal (NCLT) are delayed beyond any timeline, IOB executive director Joydeep Dutta Roy said.

The agency has booked the company and its Directors - Sadhna Kothari and Rahul Kothari - under IPC sections related to criminal conspiracy (120-B) and cheating (420), besides various provisions of the Prevention of Corruption Act. The company is alr...

The CBI has alleged that directors Vikram Kothari (now deceased) and Rahul Kothari, along with others, acted with "dishonest intention" to defraud the bank by presenting wrong and false statements for book debts, stock statements and other financial...

Aban Holdings has outstanding loans of ₹1,271 crore, the largest account on the list. Two Essar companies are Essar Oil & Gas Exploration with ₹77.8 crore outstanding, and Essar Power Gujarat with ₹148 crore. Other big-ticket accounts include Rotoma...

The agency alleged that these assets were the "proceeds of crime" of the illegal act of money laundering.

A consortium of seven nationalised banks has given loans worth Rs 2,919 crore to Rotomac Global Pvt Limited from 2008 onwards, the CBI FIR has alleged.

The committee of creditors has rejected the demand for an extension of 90 days to complete the insolvency resolution process.

Rotomac Exports and Rotomac Global will now be auctioned by the bankruptcy court.

Rotomac Exports and Rotomac Global, firms promoted by banking-fraud accused Vikram Kothari, will now be auctioned by the bankruptcy court.

Bank of India, Bank of Baroda, Oriental Bank of Commerce, Allahabad Bank, Union Bank of India, and Bank of Maharashtra have jointly lent close to Rs 4,000 crore to the two Rotomac Group companies.

The Income Tax Department also attached three more bank accounts of the company as part of its latest action against it for alleged tax evasion.

The Kanpur-based group is being probed by the CBI and the ED in connection with the alleged swindling of Rs 3,695 crore of loan funds.

The tribunal held that the banks had concealed letters deliberately: first, to help the defendants and second, to hide its own conduct regarding entertainment of credit proposals.

The bank said the accounts of Rotomac Global and Rotomac Exports have been filed with the National Company Law Tribunal.

While BoB declared the company an NPA in February 2016, the account was not an NPA with other lenders as the borrower was repaying only some banks.

The accounts were subsequently classified as NPA in the year 2015-16. The bank had made 100 per cent provisions on the amount outstanding, it said.

Rotomac violated FEMA rules and worked for interest rate differential in local and foreign currency in the guise of trade without having any genuine business transactions.

Being hounded by sleuths for an alleged Rs 3,700-cr fraud, it appears unlikely that the words said about Kothari's "Fighter" brand will hold true for him.

Rotomac promoter Vikram Kothari is being investigated by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) for an alleged fraud of Rs 3,700 crore.