Three Ricoh Chiefs Gone

The case of financial irregularities found in Ricoh India continues with the dismissal of the CFO and COO, and the resignation of the CEO.

According to IndiaToday.in, Arvind Singhal (CFO) and Anil Saini (Senior Vice-President and COO) at Ricoh India were sacked with immediate effect for breaching the statutory duties. In a Bombay Stock Exchange filing, Ricoh India stated, “the acts and omissions of such employees have caused grave loss to the company.”

The company has also accepted the resignation of Manoj Kumar who was the MD and CEO of the company. Kumar had resigned from the board in April after being asked to take leave during the audit of the company.

Ricoh India reported a financial loss of Rs 1,123 crore (US$163.9 million) for irregularities that arose for the fiscal year ended March 2016. “As per the investigation, it appears that the accounts have been falsified and the company’s accounting principles and standards have been violated,” the company stated in a press statement.

To learn more about the final financial reports for the fiscal year ended March 2016, please click here.

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