Ricoh sacks 2, accepts CEO’s resignation

NEW DELHI: Ricoh India on Sunday said it has terminated employment of its CFO Arvind Singhal and Senior VP and COO Anil Saini on finding that they have “caused grave loss to the company”. Ricoh India has also accepted resignation of MD and CEO Manoj Kumar.

“Pursuant to the investigations carried out by the company, it has emerged that the above-stated officials of the company were in breach of the statutory duties assigned to their office... the acts and omissions of such employees have caused grave loss to the company,” Ricoh India said in a BSE filing.

It further said: “The board of directors of the company has decided to terminate the employment of Arvind Singhal and Anil Saini with immediate effect. The board has accepted the resignation of Manoj Kumar as the CEO of the company.”

In July, indicating a possible accounting fraud, Ricoh India admitted that its accounts appear to be have been “falsified” as it estimated to have incurred a loss of Rs 1,123 crore for in FY16.

Ricoh India had commissioned an investigation following preliminary findings of audit firm PwC, which found that Ricoh India's financial statements for April 1to September 30, 2015 “did not reflect a true and fair view of the state of affairs of the company”.