Not in a position to pay interest on Rs 200-bn NCD, says Ricoh India

Ricoh India on Saturday said it is “not in the position” to pay the half yearly interest on the Rs 200 billion non-convertible debentures issued by the company to Ricoh Asia Pacific.
 
Ricoh India, which is listed on the Bombay Stock Exchange (BSE) and is a subsidiary of Japanese imaging and electronics major Ricoh, has already filed for insolvency proceedings as it is unable to meet its liabilities.
 
“Keeping in view the same, the Board of Ricoh India in its meeting held on March 9, 2018 have taken a decision that the company at present is not in a position to honour its obligation to pay half yearly interest at the rate of seven per cent on Rs 200 billion non convertible debentures issued by the company to Ricoh Asia Pacific (debenture holder),” Ricoh India said in a BSE filing.

 
In January this year, Ricoh India had filed for insolvency through an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the National Company Law Tribunal, Mumbai. In July 2016, indicating a possible accounting fraud, Ricoh India had admitted that its accounts appear to be have bee “falsified”.