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Wasn’t aware of ‘wrongdoings’ in Ricoh India: Ex-CEO

Manoj Kumar, Former MD & CEO of  Ricoh India , came on CNBC-TV18 to clear rumours surrounding his involvement in allegations of malpractice that have been rocking Ricoh India lately.

Kumar follows Anil Singhvi, chairman of Ican Investment Advisors, who had told CNBC-TV18 on May 20 that the Ricoh situation was identical to that of Satyam fraud. 

The auditors of Ricoh had already indicated that there were inconsistencies in product pricing with market rates, and that there was unsupported and backdated transactions recorded in the books of accounts.

Kumar’s statements came after he was asked to go on leave of absence by the management.

Kumar, who took charge as company’s CEO on April 1, 2015, reiterated that he had no role to play as he wasn’t aware of the ongoing ‘wrongdoings’ in the company.

He added that nothing concrete has been established in the auditor’s report so far. 
The market capitalisation of the company has fallen from Rs 4,500 crore to below Rs 1,000 crore in the last few quarters, and BSE India is likely to go ahead with Ricoh India’s suspension from May 26.

Transcript to follow…