Ricoh India once again on lower circuit

Ricoh India is in hot water as far as SEBI and BSE is concerned. The company has received a notice from the BSE to comply with SEBI’s listing regulations within the next 21 days. If the company does not comply with the same, it now faces suspension of trading and 73% holding of the promoters currently stands frozen.

The company has not filed its accounts for Q2 and Q3FY16 and it is placed in the Z category. The company had given an explanation that it had appointed new auditors following which it got delayed in posting the quarterly numbers as the new auditors could not audit the accounts due to the review process by the independent agency and the suspicion of potentially fraudulent transactions.

In April, the company asked its top three management personnel – MD and CEO, CFO and COO to proceed on leave without pay.

To avoid suspension, Ricoh now needs to work on quickly complying with SEBI’s needs, pay up the fines before 20th May.

Naturally with all this, the stock is frozen on the 5% lower circuit at Rs.271.90, a new low and it has been hitting new lows and getting frozen the moment it opens for trading over the past few days.