Home >Companies >Ricoh India MD and CEO Manoj Kumar resigns from board

New Delhi: Ricoh India Ltd on Monday said its managing director (MD) and chief executive officer (CEO) Manoj Kumar has resigned from the board after being asked to go on leave amid an ongoing audit in the company by a committee which includes an independent law firm and accountants.

“Manoj Kumar has resigned from the board of directors of the company with effect from April 2, 2016. He had been asked to go on leave on the March 29, 2016, by the decision of the board of directors," the company said in a BSE Ltd filing.

On 1 April, the company had asked Kumar, chief financial officer (CFO) Arvind Singhal and senior vice president and chief operating officer (COO) Anil Saini to take leave as the audit proceedings go on.

The company had assigned A.T. Rajan in-charge and to discharge the functions of the CEO and COO, whereas Bibek Chowdhury would be in-charge and would discharge the functions of the CFO.

In a disclosure on 18 February, the company stated that new auditors of the company are conducting a limited review.

“The company has not yet received the signed limited review report from the auditors and the audit committee would take up again the matter with the statutory auditors to submit their limited review report on an immediate basis," the company had said.

“In order to assist the audit committee, the audit committee has sought the opinion of an independent agency in this regard," it had said.

The company had said that pending completion of such a review and in order to ensure independence of the review, some of the employees have been requested to avail leave with pay with effect from 30 March 2016.

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