Review Causes Top Management to Resign

The Managing Director and CEO of Ricoh India, Manoj Kumar(Pictured), has resigned from the board after being asked to go on paid leave amid an ongoing audit of the company.

The news has created quite a buzz in industry circles in India with the value of Ricoh stock diving again, following a slump of 50% over in recent months.

To ensure the independence of the review, some Ricoh India top management were also asked to take leave with pay including Arvind Singhal, the CFO, and Anil Saini, Senior Vice President and COO.

Meanwhile, the company has assigned A.T. Rajan to take charge and discharge the functions of CEO and COO, and Bibek Chowdhury to discharge the functions of the CFO.

Ricoh India has been unable to report successive quarterly earnings for some time, attributing the delay in the results to a change in statutory auditors and an ongoing review, which is being conducted by a company-appointed independent agency.

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