CEO, CFO and COO of Ricoh India have been sent on leave
Moneylife Digital Team 01 April 2016
Independent agency to probe serious governance issues 
 
Ricoh India has informed the exchanges that an independent agency has been appointed to assist the Audit Committee to better understand certain areas where the auditors had emphasized further review. This agency is conducting a review, which will be completed soon. It comprises of an independent law firm and accountants. Interestingly, some  members of the top management including the CEO and CFO, have been asked to be on leave during the said review process. These include:
 
1) Mr. Manoj Kumar, the Managing Director and Chief Executive Officer;
 
2)  Mr. Arvind Singhal, the Chief Financial Officer; and
 
3)  Mr. Anil Saini, the Senior Vice President and Chief Operating Officer
 
Other officers will discharge functions on behalf of the officers sent on leave. 
 
Earlier, it had sent a communication to the exchanges on 18 February 2015 stating that 'The Company has not yet received the signed limited review report from the auditors and the audit committee would take up again the matter with the Statutory Auditors to submit their limited review report on an immediate basis.' Further, the filing stated, 'In order to assist the audit committee, the audit committee has sought the opinion of an Independent Agency in this regard.'
 
The company has not yet filed the quarterly results for September 2015 and December 2015 quarters. Earlier, a Securities and Exchange Board of India (SEBI) circular stated that Ricoh India will be shifted to ‘Z’ group with effect from 28 March, 2016. 
 
The stock has been on a downward spiral in the last 9 months, falling more than 60% from a high of Rs1072 in July 2015. It is currently trading at Rs413. 
Comments
Krishnan B S
1 decade ago
This is really very unfortunate. Ricoh is a huge company and if things happen like this even in Japanese companies, then it is unbelievable.
As this is a Japanese company, many investors like me have bought these shares. Now we will have to sell it at a loss or become Share Market Abhimanyu's, as I guess exit is going to be long time.
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