Ricoh India

Minosha India Ltd, the distributors Ricoh, is targeting to clock a turnover of Rs 500 crore in next 5 years, having signed a strategic partnership pact with Japanese firm, said the company's MD

The NCLT had also rejected the plea of Kotak Investment Advisors raising objections against the alleged illegalities committed in the conduct of CIRP

The irregularities saw the parent firm infusing Rs 11.23 billion into the local arm in 2016

In July 2016, indicating a possible accounting fraud, Ricoh India had admitted that its accounts appear to be have bee 'falsified'

Ricoh India's impending troubles could only have been spotted by investors willing to dig deep into the financial statements of the company

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

A value investor leads the shareholders' struggle in Ricoh India to get a board representation

Reports estimated loss of Rs 1,123 crore; promoters to recapitalise to remedy the loss on account of fraud

Even foreign portfolio investors have cut stake: Their holding in Ricoh fell from 0.4% in March quarter to 0.31% at the end of June quarter

Firm questions the limitation in the period of auditing and upgrading the company's rating in the absence of financial statement

Company seeks extension from BSE on suspension of trading

The board will meet on May 17, 2016 to consider and approve unaudited financial results for the quarter ended September 30, 2015

The exchange has also frozen the entire promoter shareholding till further notice

In past four-weeks, the stock tanked 40% as compared to 1.5% rise in the S&P BSE Sensex.

Firm accused of financial irregularities

The stock was down 5% at Rs 444 on the BSE, falling 22% in past six trading sessions from Rs 569 on March 18.

The stock ended down 6.4% to Rs 532 as the stock will move to 'Z' group on the BSE from March 28, 2016