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Ricoh India promoters get NCLT nod to recapitalise company

A month after admitting that its accounts appear to have been "falsified", Ricoh India on Saturday said the National Company Law Tribunal (NCLT) has allowed promoters to recapitalise the company.


Ricoh India promoters get NCLT nod to recapitalise company

New Delhi: A month after admitting that its accounts appear to have been "falsified", Ricoh India on Saturday said the National Company Law Tribunal (NCLT) has allowed promoters to recapitalise the company.

"NCLT passed an interim order on August 24, 2016, allowing Ricoh Company (RCL) and/or NRG to recapitalise the company (Ricoh India) by way of cancellation of existing shares... And issuance of shares by way of preferential allotment... At a premium aggregating a total of Rs 1,123 crore subject to compliance of certain conditions," it said in a BSE filing.

NRG is a co-promoter of Ricoh India and a subsidiary of RCL. It added that NCLT has appointed retired Justice V C Daga the monitoring authority.

Last month, Ricoh India had said its accounts appear to have been falsified as it estimated to incur a loss of Rs 1,123 crore for the fiscal ended March 2016.

The disclosure by the Indian unit prompted the promoter to approach NCLT against the BSE-listed firm and its certain officials who are suspected to have indulged in the "mismanagement".

Ricoh India had said the disclosure followed an internal investigation to ascertain its financial position and probable roles of a few officials of the company.

The investigation was commissioned after preliminary findings of audit firm PricewaterhouseCoopers showed that Ricoh India's financial statements for April 1, 2015, to September 30, 2015, "did not reflect a true and fair view of the state of affairs of the company."

In April, the company's India MD and CEO Manoj Kumar had resigned from the board after being asked to go on leave during an audit of the company by a committee.

From Zee News

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