Accounting fraud at Ricoh, estimated loss at ₹1,123 cr

NEW DELHI: Indicating a possible accounting fraud, Ricoh India on Tuesday admitted its accounts appear to be have been “falsified” as it estimated to incur a loss

NEW DELHI: Indicating a possible accounting fraud, Ricoh India on Tuesday admitted its accounts appear to be have been “falsified” as it estimated to incur a loss of ₹1,123 crore in 2015-16. Meanwhile, Ricoh Company Ltd, a promoter entity of the Indian subsidiary of Japanese imaging and electronics major, has proposed to recapitalise the company for the loss. The disclosure by the Indian unit also prompted the promoter to approach the National Company Law Tribunal against the BSE-listed firm and its certain officials suspected to have indulged in “mismanagement”.

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