Will file bail plea once Kothari sent to jail: Lawyer

Rotomac Pens owner Vikram Kothari's lawyer has said that they would file a bail application once the former was sent to judicial custody.

A special CBI court on Saturday handed over the custody of Rotomac pens owner Vikram Kothari and his son Rahul Kothari to the Central Bureau of Investigation (CBI) for 11 days in connection with alleged loan default of Rs 3,695 crore.

"The CBI has to again produce Vikram Kothari and Rahul Kothari before the court on March 7 after which they would be sent to judicial custody. Then we will move their bail applications as it'll only be valid once they are sent to judicial custody," Sharad Birla told ANI.

Both Vikram Kothari and his son allegedly cheated a consortium of seven nationalised banks.

The CBI had registered an FIR against the Kotharis who allegedly owe Rs 754.77 crore to the Bank of India, Rs 456.63 crore to the Bank of Baroda, Rs 771.07 crore to the Indian Overseas Bank, Rs 458.95 crore to the Union Bank of India, Rs 330.68 crore to the Allahabad Bank, Rs 49.82 crore to the Bank of Maharashtra and Rs 97.47 crore to the Oriental Bank of Commerce.

Vikram Kothari's wife Sadhna Kothari is also accused in the case.

The father-son duo was arrested by the CBI on Thursday in Delhi after the agency alleged that they were not cooperating with the probe.

Earlier, the Income Tax (IT) department attached four immovable properties of the Rotomac Group of companies, in Kanpur and Ahmedabad.