Many people linking the delay in result publication since last two quarters and attributing promoters motive for the same may appear to be untrue. Till last month previous indian top management which appears to be hand-in globe with previous auditors is not cooperating with new auditors. Parent company management seating in japan not able to figure out whom to believe as previous top management people was also long term employee of the company and must have good trust level with parent company management. It took so long for parent company to understand the issue and then they fill complain with police on may 12 and also now in position to publish result.
Ricoh Japan filling to Tokyo stock exchange:
Tokyo, May 19, 2016 — Our consolidated subsidiary, Ricoh India Limited (Headquarters: New Delhi, Bombay Stock Exchange – referred to as Ricoh India from here) acknowledged the delayed submission of financial results from the second quarter ended September 2015, at a Board of Directors meeting yesterday, and subsequently submitted them to the Bombay Stock Exchange on the same day.
Ricoh India appointed external experts to conduct an internal investigation into its failure to file financial results for the second quarter ended September 2015, in order to examine the concerns of employee misconduct. On April 20, 2016, Ricoh India notified the Bombay Stock Exchange of the progress of the ongoing investigation.
Ricoh India has given assurances that it intends to take the necessary measures regarding the financial results from the third quarter ended December 2015 in accordance with applicable laws and regulations, and to undertake any needed remediation to ensure this event will not happen again. Ricoh India is fully cooperating with the Bombay Stock Exchange.
Please note that there will not be any changes to the published consolidated results of fiscal year 2016, ended March 31, 2016, or the financial outlook of fiscal year 2017, ending March 31, 2017, for Ricoh Company, Ltd.
Ricoh India’s failure to timely file its quarterly reports for the periods ended September 2015 and December 2015 is unprecedented, not only in Ricoh India, but throughout the Ricoh Family Group and runs contrary to Ricoh’s culture. We will continue to work diligently with Ricoh India, as its major shareholder, to bring the facts to light and enact measures to try to ensure this type of incident will never happen again.
Furthermore, if there is any information that should be disclosed as the situation develops, it will be shared with Tokyo Stock Exchange promptly.