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The Japanese promoter of Ricoh India has filed a petition before the Mumbai Bench of the National Company Law Tribunal seeking restoration of trading in the company’s stock on the BSE.
Suspended from May 26 Trading in the shares of fraud-hit Ricoh India was suspended by the BSE from May 26, as the company failed to comply with listing norms. Earlier, the exchange had shifted the stock to Z-group (or trade-for-trade segment where delivery of shares is compulsory) from March 28.
Delay in reporting of quarterly earnings for two consecutive quarters — September 2015 and December 2015 — had led to suspension in trading of Ricoh’s shares.
The share price of the company too, has taken a terrible beating — from a high of ₹1,070 in July 2015, it is now trading at ₹207.60.
Admits to false statement Ricoh India on Tuesday admitted its accounts appear to be have been ‘falsified’ as it estimated incurring a loss of ₹1,123 crore for the year ended March 2016.
In its petition, the promoter entity Ricoh Company has also proposed to recapitalise the firm for the loss. The Japanese major said it is willing to infuse ₹1,123 crore, either directly or through its subsidiary NRG Group, into its Indian arm to make up the estimated loss without diluting public shareholding.
The company has also asked the Tribunal to order an investigation into the mismanagement of the company’s affairs committed by certain officials. It also sought to restrain statutory authorities from taking any coercive action against the company.
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