You are here: Home » Companies » News
Business Standard

Accounting fraud: Ricoh sacks two, accepts CEO's resignation

Ricoh India has also accepted the resignation of MD and CEO Manoj Kumar

Press Trust of India  |  New Delhi 

Ricoh India eyes small cities to ramp up growth

Japanese imaging and electronics major's Indian subsidiary on Sunday said it has terminated the employment of its CFO Arvind Singhal and Senior Vice-President and COO Anil Saini on finding that they have "caused grave loss to the company".

has also accepted the resignation of MD and CEO Manoj Kumar.

"Pursuant to the investigations carried out by the company, it has emerged that the above-stated officials of the company were in breach of the statutory duties assigned to their office... The acts and omissions of such employees have caused grave loss to the company," said in a filing.

It further said: "The board of directors of the company has decided to terminate the employment of Arvind Singhal and Anil Saini of the company with immediate effect. The board has accepted the resignation of as the CEO of the company."

In July this year, indicating a possible accounting fraud, admitted that its accounts appear to be have been "falsified" as it estimated to have incurred a loss of Rs 1,123 crore for the fiscal ended March 2016.

had commissioned an investigation following preliminary findings of audit firm PriceWaterhouseCoopers, which found that Ricoh India's financial statements for April 1 to September 30, 2015 "did not reflect a true and fair view of the state of affairs of the company".

"As per the investigation, it appears that the accounts have been falsified and the company's accounting principles and standards have been violated," had said in a regulatory filing.

In April, the company's India's MD and CEO had resigned from the board after being asked to go on leave amid an audit in the company by a committee.

All three were suspended by the company on June 8.

The company estimated aggregate loss after tax for the fiscal ended March 2016 to be at Rs 1,123 crore.

It added that Ricoh will ascertain the conclusive actual amount of the loss suffered by the company in 2015-16, which would be subject to audit and confirmation by the statutory auditors of the company.

RECOMMENDED FOR YOU

Accounting fraud: Ricoh sacks two, accepts CEO's resignation

Ricoh India has also accepted the resignation of MD and CEO Manoj Kumar

Ricoh India has also accepted the resignation of MD and CEO Manoj Kumar
Japanese imaging and electronics major's Indian subsidiary on Sunday said it has terminated the employment of its CFO Arvind Singhal and Senior Vice-President and COO Anil Saini on finding that they have "caused grave loss to the company".

has also accepted the resignation of MD and CEO Manoj Kumar.

"Pursuant to the investigations carried out by the company, it has emerged that the above-stated officials of the company were in breach of the statutory duties assigned to their office... The acts and omissions of such employees have caused grave loss to the company," said in a filing.

It further said: "The board of directors of the company has decided to terminate the employment of Arvind Singhal and Anil Saini of the company with immediate effect. The board has accepted the resignation of as the CEO of the company."

In July this year, indicating a possible accounting fraud, admitted that its accounts appear to be have been "falsified" as it estimated to have incurred a loss of Rs 1,123 crore for the fiscal ended March 2016.

had commissioned an investigation following preliminary findings of audit firm PriceWaterhouseCoopers, which found that Ricoh India's financial statements for April 1 to September 30, 2015 "did not reflect a true and fair view of the state of affairs of the company".

"As per the investigation, it appears that the accounts have been falsified and the company's accounting principles and standards have been violated," had said in a regulatory filing.

In April, the company's India's MD and CEO had resigned from the board after being asked to go on leave amid an audit in the company by a committee.

All three were suspended by the company on June 8.

The company estimated aggregate loss after tax for the fiscal ended March 2016 to be at Rs 1,123 crore.

It added that Ricoh will ascertain the conclusive actual amount of the loss suffered by the company in 2015-16, which would be subject to audit and confirmation by the statutory auditors of the company.
image
Business Standard
177 22

Accounting fraud: Ricoh sacks two, accepts CEO's resignation

Ricoh India has also accepted the resignation of MD and CEO Manoj Kumar

Japanese imaging and electronics major's Indian subsidiary on Sunday said it has terminated the employment of its CFO Arvind Singhal and Senior Vice-President and COO Anil Saini on finding that they have "caused grave loss to the company".

has also accepted the resignation of MD and CEO Manoj Kumar.

"Pursuant to the investigations carried out by the company, it has emerged that the above-stated officials of the company were in breach of the statutory duties assigned to their office... The acts and omissions of such employees have caused grave loss to the company," said in a filing.

It further said: "The board of directors of the company has decided to terminate the employment of Arvind Singhal and Anil Saini of the company with immediate effect. The board has accepted the resignation of as the CEO of the company."

In July this year, indicating a possible accounting fraud, admitted that its accounts appear to be have been "falsified" as it estimated to have incurred a loss of Rs 1,123 crore for the fiscal ended March 2016.

had commissioned an investigation following preliminary findings of audit firm PriceWaterhouseCoopers, which found that Ricoh India's financial statements for April 1 to September 30, 2015 "did not reflect a true and fair view of the state of affairs of the company".

"As per the investigation, it appears that the accounts have been falsified and the company's accounting principles and standards have been violated," had said in a regulatory filing.

In April, the company's India's MD and CEO had resigned from the board after being asked to go on leave amid an audit in the company by a committee.

All three were suspended by the company on June 8.

The company estimated aggregate loss after tax for the fiscal ended March 2016 to be at Rs 1,123 crore.

It added that Ricoh will ascertain the conclusive actual amount of the loss suffered by the company in 2015-16, which would be subject to audit and confirmation by the statutory auditors of the company.

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard