Ricoh To Get Back to Business in India Following Financial Embarrassment

Ricoh is filing a petition with the National Company Law Tribunal in India that would see Ricoh India increase its capital shares.

If the request is successful it will see Ricoh Company, Ltd. or its subsidiary company NRG Group Limited, or a combination of the two, having their existing shareholdings cancelled.

The result would see a capital increase in Ricoh India which would purchase the same number of shares at a price agreed with the National Company Law Tribunal.

This all comes about after Ricoh India’s audit committee found financial irregularities in the results ending June 30, 2015. During the review the auditors raised concerns with Ricoh India’s management.

Ricoh India has now disclosed an unaudited loss after tax for the fiscal year ended March 31, 2016 amounts to 11.2 billion Indian rupees (US$166.67million).

Despite the loss, Ricoh India say the report marks an important milestone as it is now in a position to finalize its results, bring its reporting obligations up to date and move forward with growing the business.

Ricoh India is now implementing measures to ensure there is no recurrence of such event in the future, and is reinforcing its management systems.

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