Sebi orders forensic audit of Ricoh India's books, bans six individuals

The Securities and Exchange Board of India (Sebi) has ordered a detailed forensic audit of Ricoh India’s books since 2012-13. 

The regulator has also imposed securities market ban on six individuals associated with the company, including its erstwhile managing director and chief executive officers T Takano and Manoj Kumar, respectively. 

The case involves fraud at the Japan-based Ricoh’s Indian arm. Ricoh had disclosed a loss of Rs 11.2 billion in 2015-16 due to alleged falsification of statements. 

Audit firm PWC had done a forensic audit of Ricoh India’s books. Sebi, however, said a more detailed audit is required