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Ricoh India admits accounting violations, falsification of books

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

Ricoh India admits accounting violations, falsification of books

Ricoh India, a subsidiary of Japanese imaging and electronics firm Ricoh, has admitted that some of its companies violated accounting principles and are responsible for falsification in the books of accounts. “Ricoh has been carrying out an internal investigation for ascertaining the true and fair accounts of the company for the quarter ended December 31, 2015 and FY16. The acts of omission and commission have caused a grave loss to the company and its shareholder,” Ricoh India, whose shares have been suspended from trading, informed stock exchanges on Tuesday. The company ...