No siphoning of funds in the company - Ricoh India directors acknowledge to SEBI
VARINDIA- INDIA'S FRONTLINE IT MAGAZINE As per the order dated 16th August, 2016, it has been acknowledged by the Board of Directors of Ricoh India to SEBI that there has been no siphoning of funds in the company. Does this mean that the much widely publicised mis-information regarding fraud happening in Ricoh India was a mere strategy to get funds infusion from the parent company by by-passing the law and thereby targeting a team of senior management? Seven individuals have been punished for the last six months even when the complainant itself admits that no funds have been siphoned of the company, is it natural justice? However their misery is not going to end before 30th September, 2018 or even later, on prima facie basis. In its order dated 16th August, 2018, SEBI has given strict instructions to Ricoh India Limited and its directors to extend co-operation to the forensic auditors in making available the required documents and clarifications strictly within the ...