Nor did Ricoh’s key managers, when cornered, write a public confession letter on the perils of riding a tiger. With its parent owning 73.6 per cent shares, the company features no marquee institutional investors. True, as a ₹1000-crore company dealing in copiers and digital printers, Ricoh India isn’t a Nifty 50 company tracked by an army of analysts. This week, the market regulator passed an order restraining six (current and former) top managers of the company from dealing in the securities market and ordered forensic audits of its past financials.
Evidence of accounting shenanigans at Ricoh India, the Indian arm of Japanese multinational Ricoh Global, have been tumbling out of the closet for 18 months now.
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