Indian Stock Market Tips|SEBI orders Ricoh India, directors to extend cooperation to the auditor, confirms interim directions
The regulator had also ordered the BSE to appoint an independent auditor for conducting a detailed forensic audit of the books of accounts of Ricoh.
SEBI has ordered Ricoh India and its directors to extend "necessary cooperation" to the auditor appointed for inspecting the books of accounts of the firm and confirmed its interim ruling in the matter, restraining several individuals from the markets "till further directions".
Through an interim order passed in February, the regulator had banned seven individuals, including Ricoh India's former MD and CEO A T Rajan, from the securities market for alleged fraud pertaining to the distortions in the financial statements of the company.
The other six were T Takano, Manoj Kumar, Arvind Singhal, Anil Saini, Bibek Chowdhury and Amalendu Mukherjee.
Takano and Kumar had both held in the past, the position of managing director and chief executive of Ricoh India.
"I note that the facts of the case clearly point towards large-scale irregularities in the business transactions of the company and manipulations in its books of accounts amounting to fraud," SEBI Whole Time Member G Mahalingam said in a 45-page fresh order.
"... I find it appropriate not to vacate the directions issued against the notices (seven individuals) vide the interim order at this stage, in the interest of the investors and the integrity of the securities market," he said and confirmed the earlier directions.
The regulator had also ordered the BSE to appoint an independent auditor for conducting a detailed forensic audit of the books of accounts of Ricoh (for the financial year 2012-13 onwards till date) and directed the firm, its directors and the seven individuals to extend all necessary co-operation to the auditor.
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