Heads roll at Ricoh India, funds infused to correct fraud

Ricoh India’s Tetsuya Takano has resigned as the director/chairman and Ian Winham has been appointed as the new head. It is, however, not yet clear, if Winham operates from India or from Singapore. For the last one year or so, Takano operated from Singapore.

01 Aug 2016 | By Noel D'Cunha

Earlier this year in April, Ricoh India reported big financial irregularities and fraud in the company, following which Ricoh India’s chief executive and managing director, Manoj Kumar resigned along with the chief financial officer (CFO) Arvind Singhal and senior vice-president and chief operating officer (COO) Anil Saini after they were asked to go on leave.

Takano’s resignation is the most recent high-profile casualty of this fraud, where a loss of Rs 1,123-crore for the financial year ended 31 March 2016 was reported. Ricoh India’s shares have since been suspended from trading.

Last week, Ricoh India has announced that its Japanese parent company Ricoh would infuse Rs 1,123-crore into the Indian subsidiary, which the company statement said, was a “much-needed recapitalisation” and will give a significant impetus to Ricoh India's efforts to effect a correction of the present situation and provide funds for business operations and future business growth.

While team Ricoh India declined to comment on the issue, Sambit Misra, chief reporting officer for production printing at the company, said that there’s “no impact” of the top-level upheaval and that its “business as usual” at Ricoh India’s production printing division.

Tags : Ricoh India,Tetsuya Takano,Ian Winham;