Vikram Kothari, managing director and chairman of Rotomac Global Private Limited, who has been accused of fleeing the country after defaulting on repayments of more than Rs 800 crore loans from state-owned banks, said on Sunday that he is in Kanpur and has not fled India.
“First of all, don’t call it a scam. Also, I am not leaving the country and I am very much in Kanpur. Banks have declared my company nonperforming asset (NPA), but not a defaulter. The matter is still sub judice with National Company Law Tribunal (NCLT). I have taken loans and will repay it all soon,” Vikram Kothari said in a statement issued on Sunday, the Times of India reported.
According to media reports, Kothari has been accused of taking loans worth Rs 800 crore from five government-run banks – Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India. All the aforementioned banks had reportedly “compromised” rules to give away these loans.
The TOI report citing Union Bank of India and Allahabad Bank sources said Kothari has not paid back either the interest or the loaned amount.