Shares in Ricoh India slumped in trade, after the company terminated the employment of key officials of the company. Shares of Ricoh India were last trading at Rs 214.30, down 5 per cent over the previous close.
"The board of the company has decided to terminate the employment of Arvind Singhal (Chief Financial Officer) and Anil Saini (Senior Vice President and Chief Operating Officer) of the Company with immediate effect. In addition, the Board of Directors has accepted the resignation of Manoj Kumar as the CEO of the Company at the Board meeting held on November 27, 2016," the company said in a release to the exchange.
"Pursuant to the investigations carried out by the Company, it has emerged that the above stated Officials of the Company were in breach of the statutory duties assigned to their office. Further, the acts and omissions of such employees have caused a grave loss to the Company and its stakeholders, both financial and reputational," the company further stated in the release.