Amid reports he has fled country, Rotomac's Vikram Kothari seen at wedding in Kanpur
Vikram Kothari, Rotomac, promoter, Kanpur
Kothari took a total of Rs 800 crore loan from various public sector banks
The promoter of Rotomac Pens Vikram Kothari, who was alleged to have fled from the country owing to Rs 800 crore loan from Indian banks, was seen at the wedding of Jagran group owner Sanjeev Gupta's daughter's wedding in Kanpur yesterday.
As per media reports, Kothari took loans from various public sector banks including Allahabad Bank, Bank of India and Union Bank of India.
The banks allegedly compromised with their rules to give loans to Kothari.
Meanwhile, Kothari issued a public statement to the local media, saying the speculation of his fleeing the country is baseless.
"I am a resident of Kanpur and I will stay in the city. However, I do have to travel to foriegn countries for business purposes," Kothari said.
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.
Last year, Bank of Baroda (BoB), a consortium partner declared pen manufacturer Rotomac Global Pvt Ltd as "wilful defaulter".
The company moved the Allahabad High Court seeking removal of its name from the list of the wilful defaulter.
Kothari's development comes less than a week after Punjab National Bank (PNB) had detected an Rs 11,400 crore scam wherein Modi allegedly acquired fraudulent letters of undertaking (LoUs) from a branch in Mumbai to secure overseas credit from other Indian lenders.