Rotomac Pen company loan default case: CBI files FIR
The Central Bureau of Investigation (CBI) on Monday registered an FIR against Rotomac Pen and its promoter Vikram Kothari for allegedly defaulting on loans of over Rs 800 crore from multiple banks.
The agency is currently carrying out raids at three locations in Kanpur where the company is based. Kothari, his wife, and his son are being questioned by a CBI team in connection with the case at their residence in Kanpur. Kothari was earlier rumoured to have left the country, but he clarified through local media yesterday that he was in Kanpur.
The CBI has registered a case against Rotomac, a pen manufacturer, on the basis of a complaint from the Bank of Baroda (BoB). The bank had in February 2017 declared Rotomac as a "willful defaulter". Rotomac had contested the tag in the Allahabad High Court on the ground that it had offered Rs 300 crore assets to the bank and still it was called a willful defaulter. The company had got an order in its favor but failed to pay the loans.
The Kanpur-based company's owner had taken a loan of more than Rs 800 crore from over five state-owned banks.
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AI, AI Express look to add capacity amid IndiGo flight disruptions
New Delhi (PTI): Air India Group is looking to add capacity to help passengers impacted by the IndiGo flight disruptions.
"Since 4 December, economy class airfares on non-stop domestic flights have been proactively capped to prevent the usual demand-and-supply mechanism being applied by revenue management systems," a statement said on Saturday.
Both Air India and Air India Express have put in place caps on economy class fares.
ALSO READ: IndiGo cancels over 200 flights from Delhi, Mumbai on Saturday
The statement from Air India came hours after the government announced introduction of airfare caps amid IndiGo flight disruptions.
Air India also said it is not technically possible to cap fares for all flight permutations.
"Air India and Air India Express are seeking to add capacity to help travellers and their baggage reach their destinations as quickly as possible," the statement said.
