The promoter of fraud-hit Ricoh India has sought restoration of trading in its shares through a petition filed before the Mumbai Bench of National Company Law Tribunal.
The Bombay Stock Exchange had suspended trading in Ricoh India, a subsidiary of Japanese imaging and electronic major Ricoh, from May 26, for non-compliance with listing norms. Delay in reporting of quarterly earnings (September 2015 and December 2016) is one the factors that led to the suspension of trading in Ricoh shares.
Ricoh India on Tuesday admitted its accounts appear to be have been "falsified" as it estimated to incur a loss of Rs 1,123 crore for the year ended March 2016.
The promoter entity Ricoh Company in its petition has also proposed to recapitalise the firm for the loss. The Japanese maker of printers and cameras in the petition said it is willing to infuse Rs 1,123 crore into its Indian unit for cover for the estimated losses without dilution of the public shareholding.
Ricoh Company and its subsidiary NRG Group hold a combined 73 per cent take in Ricoh India.
In April, Ricoh India MD and CEO Manoj Kumar had resigned from the board after being asked to go on leave amid an audit.
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