Nation
No signs of missing IAF plane, Parrikar monitors search op
The search continued on Saturday for the missing AN-32 aircraft of the Indian Air Force that went missing on Friday over the Bay of Bengal and has been untraceable since.
 
Defence Minister Manohar Parrikar reached Tambaram in Tamil Nadu on Saturday and went on an aerial survey in an IAF plane over the area where search and rescue operations are going on.
 
There has been no signal pickup or spotting of debris from the missing aircraft yet.
 
The AN-32 transport aircraft with 29 people on board went missing on Friday over the Bay of Bengal off the Chennai coast.
 
"Defence Minister reviewed the situation and utilisation of assets and resources and has directed that if necessary more resources to be diverted to the effort," Defence Ministry officials said.
 
"The Minister was appraised of the difficult conditions under which the operations are being carried out during the last 24 hours. The sea is very choppy and there is thick cloud cover in area," the official said.
 
Parrikar has directed all top officials to be in touch with the families of those who were on board and provide them information that may be required.
 
"The search is going on. If there is any substantial development it will be made known," Wing Commander Anupam Banerjee, Public Relations Officer for IAF told IANS.
 
Only a catastrophic accident in a "no talk/radio zone" or "dead zone" could destroy an aircraft suddenly, an experienced pilot with the Indian defence forces told IANS late Friday.
 
The search and rescue operation by Indian Navy and Coast Guard, which went on through the night, continued on Saturdaay and more assets were deployed.
 
Two P8I surveillance aircrafts and two Dornier are continuing the search while one Dornier is on standby at Port Blair.
 
One AN 32 and two C-130 Hercules aircrafts and Mi-17 V5 with floats are also on standby.
 
At present, 13 ships of the Indian Navy and four ships of Coast Guard are involved in the search operation. 
 
A submarine was also sent for locating transmissions from the emergency locator beacon on board the missing aircraft. Emergency locator beacons usually get activated in case a plane crashes.
 
Those on board the AN-32 included six crew members, 15 personnel from the IAF, army, navy and Coast Guard, and eight civilians who were family members of the personnel.
 
The aircraft, an upgraded AN-32 belonging to 33 Squadron, took off from Tambaram Air Force Station in Chennai at 8.30 a.m., and was expected to land at Port Blair in the Andaman and Nicobar Islands at 11.30 a.m., officials said, describing it as a "routine sortie".
 
According to a report submitted to the Defence Minister by Air Force Chief Air Chief Marshal Arup Raha, the recorded transcript of Chennai air traffic radar showed last pickup of the aircraft was 151 nautical miles east of Chennai, when the aircraft was observed to have carried out a left turn with rapid loss of height from 23,000 feet.
 
The last contact with the aircraft was established roughly around 15-20 minutes after the take-off, sources said.
 
According to the IAF, the AN-32 is a twin engine turboprop, medium tactical transport aircraft of Russian origin. It can carry a maximum load of around 6.7 tonne or 39 paratroopers.
 
The aircraft's maximum cruise speed is 530 kmph.
 
"Planes are designed to fly even during an emergency. There will be reaction time to the pilots facing an emergency to send out messages for help or turn towards safety," an Indian defence forces pilot told IANS.
 
According to the pilot, an AN-32 aircraft will not drop down like a stone or vanish into thin air in the case of normal emergency, as there will be reaction time.
 
"But in the case of a catastrophic threat, the pilots will not have the necessary reaction time," he said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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10 including suspect dead in Munich shooting spree
Police in German city of Munich said a total of 10 people have died, including the gunman who opened fire near Olympia-Einkaufszentrum shopping mall in the Moosach district of Munich on Friday evening.
 
Munich police chief Hubertus Andrae told reporters early Saturday that the man who killed nine people and injured several others in a shooting rampage at a mall in the German city of Munich has committed suicide when he encountered police and was likely a lone shooter.
 
"We found a man, who killed him himself. We assume, that he was the only shooter. #gunfire #munich," the police had tweeted earlier.
 
A total of 21 people were injured, he said, including three who were in serious condition.
 
The police chief said that the gunman was 18-year-old Iranian from Munich who had been living in Munich for longer than two years, CNN reported.
 
"Police don't believe the gunman, an 18-year-old German-Iranian, had any accomplices," he noted.
 
The motive for the shootings was unclear, the police president said, adding that 2,300 law enforcement officials responded to the incident, BBC reported. 
 
Police had declared a terror alarm for south Germany after shooting.
 
Munich's main train station was evacuated completely and the city's transport system was suspended. 
 
People had offered space to the stranded people in their own homes on social media, using the hashtag #Offenetuer -- which means "open door" -- for people who are stranded without a way to get home, BBC reported. 
 
Muslim newspaper in Germany, Islamische Zeitung, tweeted that mosques in Munich would stay open overnight for anyone who needs refuge.
 
The Czech Republic's interior minister, Milan Chovanec, had told local television that the country's border was reinforced in case the Munich attacker or attackers tried to flee, German broadcaster NTV reported. 
 
A state of emergency was declared in Munich and special operations are still underway.
 
Reports of shooting at the Marienplatz station in Munich also made rounds in the media.
 
Reports also say a gunman opened fire in Stachus Square, Munich's main square just three miles away from the Munich Olympia centre.
 
Terrified shoppers were seen running for their lives from the Munich Olympia Shopping Centre after hearing gunshots.
 
A video purporting to show the shooter, dressed in black, firing 20 shots has been posted on Twitter. The footage shows him outside a McDonald's directly outside the shopping centre.
 
The area around the Munich Olympia Shopping Centre was sealed off and the police had told people to stay at home and avoid the streets.
 
The anti-terror special unit of the federal police was deployed to the city. Border patrol helicopters were deployed to hunt for the attackers.
 
The authorities had warned of the danger of further attacks.
 
The shopping mall is located next to the Olympic Stadium in the city where 11 Israeli athletes and coaches were murdered by the Black September Palestinian militant group during the Olympic Games in 1972.
 
The President of Germany, Joachim Gauck, said that he was "horrified" by the shooting in Munich.
 
In a statement, Mr Gauck said: "I am with all the victims in my thoughts and all those who are mourning or fearful for loved ones." 
 
He also offered his "solidarity" to people in the emergency services who are working this evening, trying to "protect people and save lives".
 
US President Barack Obama on Friday pledged support to Germany in the wake of the shooting rampage.
 
The US has also issued an advisory for its citizens in Germany asking them to maintain a high level of vigilance and take steps to enhance personal security.
 
President Obama, who was briefed about the attack on the Olympia-Einkaufszentrum shopping mall, said, "We don't yet know exactly what's happening there, but obviously our hearts go out to those who may have been injured. We are going to pledge all the support they may need."
 
Democratic presidential nominee for the US elections Hillary Clinton condemned the shooting.
 
Hillary said that she is "monitoring the horrific situation in Munich".
 
"We stand with our friends in Germany as they work to bring those responsible to justice," she tweeted.
 
The police president also said that two people seen fleeing the scene in a vehicle were initially considered to be suspects. 
 
According to CNN, "On the basis of witness reports and CCTV footage" a man found dead near the scene is considered to be the suspect. Police currently believe nobody else was involved.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Ricoh India case: Why Indian corporates should listen
Minority shareholders of Ricoh India Ltd (Ricoh India), the subsidiary of Ricoh Japan (Ricoh Japan or parent) have requisitioned an extraordinary general meeting (EGM) on 5 August 2016, under section 100(2) of Companies Act 2013. The agenda is primarily to remove UP Mathur, RK Pandey, Ashish Garg and Hiroyasu Kitada, all four members of the audit committee from the board, for failing to conduct a fair and accurate review of the company’s financial statements. The EGM is also to appoint a new independent director. 
 
Separately, Ricoh Japan has agreed to infuse Rs1,123 crore to cover the loss suffered by Ricoh India for FY2016.
 
"The developments at Ricoh India hold out two lessons for corporate India. One the parent has, in all but name has owned up to sleeping at the wheel and is making minority investors whole again. Two, the minority shareholders are asking the audit committee to be sacked, sending a strong signal that corporate India’s governance failures will increasingly be met with a muscular response," says Institutional Investor Advisory Services India Ltd (IiAS) in a note.
 
Ricoh India missed filing both the September 2015 and December 2015 quarterly results. The company initially tried to brush aside the delay stating that the new auditors, BSR & Co LLP (BSR) appointed in the September 2015 AGM, “were taking longer than usual” to complete the audit (18 February 2016). 
 
As the gravity of the problems became apparent, the company started to disclose more. Its 20 April 2016 letter clarified that BSR had requested further review of certain transactions for the quarter ended 30 September 2015. The audit committee appointed SS Kothari Mehta & Co to conduct a review of the financials for the period April 2015 to September 2015. However, BSR & Co LLP did not agree with the findings of SS Kothari Mehta & Co. The audit committee then appointed law firm Shardul Amarchand Mangaldas & Co which, in turn, appointed Price Waterhouse Coopers Pvt Ltd (PwC) to conduct a forensic review of the company.
 
By the time the 20 April 2016 release hit the exchanges, events and other related announcements by the company suggested that the issues at hand were more serious than first let on. The company had by then already been moved to Z category on the BSE, so trading was affected. 
 
On 1 April 2016, Ricoh India announced that the board was undertaking an internal review and pending its completion, had requested Manoj Kumar its managing director and chief executive (CEO) to go on paid leave. The chief financial officer (CFO) Arvind Singhal and the senior vice president and chief operating officer (COO) Anil Saini, were also asked to go on paid leave. Manoj Kumar immediately resigned from the board, with effect from 2 April 2016 and a new managing director and CEO was appointed.
 
When the September 2015 results were finally announced on 18 May 2016 (in a board meeting that spilled over from 17 May 2016), it concluded what the markets had already guessed by then: the audited accounts did not reflect a true and fair picture. The review questioned the opening cash balance, highlighted the out of books adjustment to net sales, expenses, assets and liabilities, over inflating revenues on the basis of orders on hand, substantial back-to-back purchases and sales, customers with non-traceable addresses, unsupported backdated transactions. In other words, complete disregard for all known accounting rules.
 
Ricoh India also requested market regulator Securities & Exchange Board of India (SEBI) to conduct an investigation to ascertain if the incorrect financial statements had any impact on the securities market and investors under SEBI Prohibition of Insider trading Regulations, 2015 and SEBI Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market Regulations, 2003.
 
Further to various investigations undertaken by Ricoh India and various independent parties including PwC, the company estimates a loss at Rs1,123 crore for the year ended 31 March 2016. The promoters Ricoh Japan will infuse funds in Ricoh India to cover this loss. 
 
However, in order not to affect the shareholding pattern, the existing shares of the promoters in Ricoh India would be cancelled without reduction in capital and simultaneously the company capitalized to the extent of its cancelled capital and premium to the extent of the losses suffered.
"An elegant solution. Not since Tata Sons bailed out Tata Finance," IiAS said.
 
Talking about the EGM called by minority shareholders, the proxy advisory service, says, "This is not the first meeting to be requisitioned by shareholders, but it certainly marks a new milestone."
 
"Before this, shareholders in Sanghi Industries called for one in 2012. This was then postponed indefinitely. And last year shareholders of S Kumars Nationwide enacted what can best be described as a circus. There may have been a few others, but most of these were without merit. But this time a substantive, well documented agenda is being put to vote where the parent itself has been forced to pay the price," it added.
 
While Ricoh Japan, having made the minority investors whole again, continues to have full faith in the members of the audit committee, the shareholders who have requisitioned the meeting feel strongly that the committee has let them down. And while it will always be difficult to spot pre-mediated, planned fraud, the shareholders have signalled their higher expectations from audit committees.
 
"Earlier shareholders grouped together to battle managements – and even today, they are trying to do so in Maharashtra Scooters and Bharat Forge. But, regulations have empowered shareholders, and much more importantly explained to them their rights. Armed with a supportive regulatory environment, managements who let down their shareholders, need to recognise that increasingly it will be these very shareholders who will determine what’s put on the agenda," IiAS concluded.
 

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COMMENTS

Sat Anand

2 months ago

I am impressed with the products and services otherwise of Ricoh as an organization, infact, my experience says they are far superior than competitors. Wrong acts of few cannot blemish an organization of repute like Ricoh! I tend to update myself with regularly by reading their monthly newsletter on their website.

B. Yerram Raju

7 months ago

Can the CEO, Manoj Kumar's resignation be accepted under the circumstances, without the disclosures in the audit and further recovery/punitive action on him? Minority share holders are now heard. This is a good sign for investor strength.

bijay

7 months ago

Alarm clock for KHODAY INDIA, as this company has published its last qtly result of Dec 15 and shareholding pattern of Sep 2014. Interestingly public shareholding 10.46 percent and loss of rs 1.92 cr in Dec 2015 but eps showing as ----- Why ?????????????????????? No response from BSE. Why CNBC investigative journos are silent and kept eyes closed.

bijay

7 months ago

This is a tight slap on the face of truly Indian babu management company by Ricoh. Well done Ricoh and Indian babu management must learn sometihnig.

Amit Anam

7 months ago

Atlas Cycle haryana seems another Ricoh in the making, company not able to release the accounts for Mar 2016 till date.

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