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| Exchange Disseminated Time | Ricoh India Ltd has informed BSE that a meeting of the Board of Directors of the Company was held on March 29, 2016, wherein the following matters were discussed:
The Board reviewed the classification of shares of the Company into Z category.
In the earlier disclosure, dated 18th February, 2016, it was stated that the new auditors of the company are conducting 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. In order to assist the audit committee, the audit committee has sought the opinion of an Independent Agency in this regard.
The Company has had a stellar record in compliance and the present situation is an unfortunate one for the Company as well. Considering the present situation and the past track record of the Company the Company request the Bombay Stock Exchange to consider delay in signing of the limited review report by the auditors and ongoing review process as a justifiable reason, in terms of the notification issued by the Securities and Exchange Board of India for deviation from the standard operating process in case of non-compliance, with respect to disclosure of financial results.
The Board also considered roles and responsibilities of employees for a smooth and efficient completion of the review process. As a matter of standard practice for aforementioned independent reviews, the review process is being coordinated by employees other than those who have been involved in the preparation, review, approval and signatures of the books and accounts.
Additionally, pending completion of such review and in order to ensure independence of the review, some of the employees in the latter category have been requested to avail leave with pay with effect on and from the 30th day of March, 2016, as a matter of standard practice and for the present these responsibilities have been passed on to other senior employees within the organization. |
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