Ricoh India Suspends Top Officers in Wake of Financial Irregularities
The Hindu Business Line reported on June 8th that the board of directors of Ricoh India has suspended top officials of the company. Ricoh India said on March 29th that Manoj Kumar (former managing director and CEO), Arvind Singhal (chief financial officer), and Anil Saini (senior vice president and chief operating officer) were placed on mandatory leave with pay by Ricoh India’s board. Manoj Kumar subsequently resigned from the board and is no longer managing director. Kumar is presently serving his notice period.
Ricoh India also says it’s implemented a departmental inquiry involving these employees. The Hindu Business Line also reports that shares of Ricoh India were suspended from trading.
The troubles at Ricoh India began when Ricoh India failed to submit financial results for two fiscal quarters.
Last month, Ricoh Company of Tokyo had some harsh words for its subsidiary, Ricoh India, stating in a press release: “Ricoh India’s failure to timely file its quarterly reports for the periods ended September 2015 and December 2015 is unprecedented, not only in Ricoh India, but throughout the Ricoh Family Group and runs contrary to Ricoh’s culture.”
The press release states that Ricoh India appointed “external experts” to conduct an internal investigation into its failure to file financial results for its second quarter “in order to examine the concerns of employee misconduct.” On April 20, 2016, Ricoh India notified the Bombay Stock Exchange of the progress of the ongoing investigation.