Interim order in the matter of Ricoh India Limited
Securities and Exchange Board of India (SEBI) received a letter dated April 20, 2016 from Ricoh India Limited (Ricoh / the company), a public listed company, wherein Ricoh. On the basis of preliminary findings of a forensic review of its books of accounts by Pricewaterhouse Coopers (PwC). An independent auditor appointed by it, inter alia stated that its financial statements for the quarters ended June 30, 2015 and September 30, 2015 did not reflect true and fair view of its state of affairs. And requested SEBI to conduct an investigation inter alia in respect of possible violations of provisions of SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (PFUTP Regulations) pertaining to the said incorrect financial statements of Ricoh.
It further submitted that it was investigating the extent of deviations from true and fair position and reasons for the same. Pending completion of the investigation, the Board of Directors of Ricoh instructed Shri Manoj Kumar (MD & CEO), Shri Arvind Singhal (CFO) and Shri Anil Saini (Sr. Vice President & COO) to proceed on leave with effect from March 30, 2016. Ricoh also constituted an independent Internal Investigation Team (IIT) inter alia to assist Ricoh in preparing the financial statements for the year ended March 31, 2016 and assess the impact of falsification and/or misstatements. Subsequently, Ricoh disclosed a loss of Rs.1,118 crores in its financial statements for the year ended March 31, 2016 in its Annual Report for FY 2015-16.
Interim Order
