RPG Ricoh Ltd was incorporated on 22nd October 1993, as a joint venture between RPG Industries Ltd and Ricoh Co. Ltd of Japan (Ricoh). A Memorandum of Understanding was entered into between the two parties in this regard, on 13th August, 1993. The Company has obtained a Certificate for Commencement of Business, from the Registrar of Companies, Maharashtra, dated 24th November, 1993.
RPG Industries Ltd. has the objective of arranging for the promotion/ setting up of companies for undertaking projects by syndication of intending promoters. For this venture, it has arrangeed syndication between Ceat Finance Company Ltd and International Computers Indian Manufacture Ltd. (ICIM) as the Indian Promoter Shareholders of the Company. Ceat Finance and ICIM are investing in the Promoters Share Capital to the extent of 34% of the proposed paid-up capital, with their investment being subject to locked-in as per SEBI guidelines. Hereinafter, Ceat Finance, ICIM and Ricoh of Japan, are collectively referred to as the 'Promoters'.
The PPC Division of Ceat Limited commenced operations in 1991, with technical knowhow from Ricoh Co Ltd. of Japan. Ricoh had originally entered into an agreement with the erstwhile Murphy India Limited (MIL), for the manufacture of dry process Plain Paper Copiers. With effect from 1st July, 1989, MIL, was, pursuant to a Scheme of Sanction by the Board for Industrial and Financial Reconstruction (BIFR), merged with Ceat Ltd, a company incorporated under the Act, on 10th March, 1958 by Investmenet Corporation of India Limited in technical and financial collaboration with Ceat Gomma, SPA of Italy, with all assets, liabilities and business activities transferred and vested in Ceat. Ceat imported its requirement of plant and machinery from Ricoh and commenced production of plain paper copiers with technical knowhow from Ricoh. Ceat has since been running this unit as its PPC Division with the product being marketed by International Computers Indian Manufacture Limited (ICIM), amongst others.
RPG pre-takeover formalities in compliance of the Act, such as approval of the Shareholders, Board of Directors etc. have been completed for concluding the sale of the PPC Division.
There are no pending litigations in respect of the PPC Division of Ceat Ltd. which would be transferred to the Company. Further, the said PPC Division of Ceat Ltd. has not had any labour problems.
-H Kitada appointed as vice president (F&A) of Ricoh India.
-Ricoh India Ltd has informed BSE that Mr Y Mizutani resigned form the Directorship of the company and the same was approved by the Board of Directors in their meeting held on January 30, 2003. Consequent to the resignation of Mr Y Mizutani, Mr H Kitada alternate director to Mr Y Mizutani also ceases to be Director of the company. Mr H Kitada was appointed as Alternate Director of Mr Y Miura.