You are here: Home » PTI Stories » National » News
Business Standard

Ricoh India case: Sebi bans seven individuals from mkt

Press Trust of India  |  New Delhi 

Markets regulator Sebi today banned seven individuals, including India MD and A T Rajan, from the securities market in a matter pertaining to mis-statements in the books of accounts of the company.

The other six are T Takano, Manoj Kumar, Arvind Singhal, Anil Saini, and

and Kumar both held in the past position of of India.

In an interim order, Sebi said the seven individuals "are restrained from accessing the securities market or buying, selling or otherwise dealing in the securities market in any manner whatsoever, either directly or indirectly".

"Sebi shall appoint an independent audit firm for conducting a detailed of the books of accounts of for the financial year 2012-13 onwards till date, the cost of which shall be borne by Ricoh," the regulator said.

Sebi has also directed Ricoh, its directors and the seven individuals to extend "all necessary cooperation to the independent audit firm so appointed" and also to furnish all information or documents sought from them from time to time.

The independent audit firm has to submit a report to the (Sebi) within three months from the date of its appointment.

Sebi is examining the role of entities and key managerial persons responsible for mis-statements in the books of accounts of

In its order, Sebi said that Ricoh's financial health has been deteriorating and even after the infusion of funds by its promoters, the company has neither been able to become profitable, nor is able to meet its financial liabilities.

It also said that there is an urgent need for Sebi to intervene and take steps for determining the full extent of fraud by conducting a detailed of the company, covering the years when the fraud is suspected to have started and if required, even beyond that, to protect the interest of the public shareholders.

The has suspended trading in the shares of "due to to penal reasons".

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, February 12 2018. 23:00 IST