Japanese imaging and electronics major’s Indian subsidiary Ricoh India on Sunday said it has terminated employment of its CFO Arvind Singhal and Senior Vice-President and COO Anil Saini on finding that they have “caused grave loss to the company”. Ricoh India has also accepted resignation of MD and CEO Manoj Kumar. “Pursuant to the investigations carried out by the company, it has emerged that the above-stated officials of the company were in breach of the statutory duties assigned to their office… the acts and omissions of such employees have caused grave loss to the company,” Ricoh India said in a BSE filing.
Watch What Else Is Making News
It further said: “The board of directors of the company has decided to terminate the employment of Arvind Singhal and Anil Saini of the company with immediate effect. The board has accepted the resignation of Manoj Kumar as the CEO of the company.”
In July this year, indicating a possible accounting fraud, Ricoh India admitted that its accounts appear to be have been “falsified” as it estimated to have incurred a loss of Rs 1,123 crore for the fiscal ended March 2016.
- Home Minister Rajnath Singh Assures Safety Of All Tourists Stranded On Havelock Island
- Government To Waive Service Tax On Debit, Credit Card Transactions Of Up To Rs 2,000
- President Pranab Mukherjee Criticises Parliament Disruptions Over Demonetisation
- Pakistan International Airlines Flight Carrying Over 40 Passenger On Board Crashes
- Shah Rukh Khan On Raees Clash With Kaabil: It’s Impossible To Have A Solo Release In India
- US-President Elect Donald Trump Named TIME’s Person Of The Year 2016
- O. Panneerselvam: 10 Things You Need To Know
- PM Narendra Modi Slams Opposition For Not Letting Parliament Function
- Nawazuddin Siddiqui On Working In Raees: Was Nervous To Shoot With Shah Rukh Khan
- Bathinda Dancer Murder: Video Showing Accused Opening Fire At Marriage
- 5 Lesser Known Facts About Sasikala Natarajan
- Congress Leader Shashi Tharoor’s Delhi Home Burgled: Here’s What Happened
- Reserve Bank Of India Keeps Repo Rate Unchanged Post Demonetisation
- Bigg Boss 10 Dec 06 Review: Swami Om Pees In Kitchen
- Lenovo k6 Power Video Review
Ricoh India had commissioned an investigation following preliminary findings of audit firm PriceWaterhouseCoopers, which found that Ricoh India’s financial statements for April 1 to September 30, 2015 “did not reflect a true and fair view of the state of affairs of the company”.
“As per the investigation, it appears that the accounts have been falsified and the company’s accounting principles and standards have been violated,” Ricoh India had said in a regulatory filing.
In April, the company’s India’s MD and CEO Manoj Kumar had resigned from the board after being asked to go on leave amid an audit in the company by a committee.
All three were suspended by the company on June 8. The company estimated aggregate loss after tax for the fiscal ended March 2016 to be at Rs 1,123 crore.
It added that Ricoh will ascertain the conclusive actual amount of the loss suffered by the company in 2015-16, which would be subject to audit and confirmation by the statutory auditors of the company.