Vikram Kothari, victim of multi-million dollar default, dies in freak incident

Vikram Kothari, accused and promoter of the Rotomac group, died in a freak accident at his residence in Kanpur on Tuesday morning.

It is reported that Kothari suffered serious head injuries after slipping in his bathroom and later died. He was said to have been alone in his lavish house in Tilak Nagar at the time of the incident.

Kothari, also known as “Pen King”, has been charged in the thousands of crore bank loan scam involving Rotomac Global Private Limited, which exported writing instruments to a number of country.

He rose to fame in the 1990s with the launch of his company Rotomac and quickly captured a significant share of the domestic market, while expanding its operations to nearly 38 offshore destinations.

Rotomac had hired popular Bollywood stars Salman Khan and Raveena Tandon as ambassadors for its product line.

In 1973, Vikram’s father, the late Mansukh Bhai Kothari, started the famous Pan Parag gutkha company, which quickly became a household name in India due to aggressive marketing and advertising.

However, following a split in the family business after Mansukh Kothari’s death, the gutkha and pen companies went to his two sons Deepak and Vikram respectively.

However, Vikram quickly revolved around his pen company, claiming wide fame in the domestic business circuit.

Meanwhile, Vikram Kothari had to spend almost two years in prison following the bank default case. The court granted him bail for health reasons.

The CBI arrested him on February 23, 2018. The case concerned bank loans worth Rs 2,919 crore since 2008 to Rotomac Global by a consortium of seven nationalized banks. The amount then rose to Rs 3,695 crore including accrued interest due to repeated defaults.

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting-edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital editor


Source link

Comments are closed.