Not in position to pay interest on Rs 200-cr NCD: Ricoh India

By PTI  
Saturday, March 10, 2018

New Delhi, Mar 10 (PTI) Ricoh India today said it is "not in the position" to pay the half yearly interest on the Rs 200 crore non-convertible debentures issued by the company to Ricoh Asia Pacific.

Ricoh India, which is listed on the BSE and is a subsidiary of Japanese imaging and electronics major Ricoh, has already filed for insolvency proceedings as it is unable to meet its liabilities.

"Keeping in view the same, the Board of Ricoh India in its meeting held on March 9, 2018 have taken a decision that the company at present is not in a position to honour its obligation to pay half yearly interest at the rate of seven per cent on Rs 200 crore non convertible debentures issued by the company to Ricoh Asia Pacific (debenture holder)," Ricoh India said in a BSE filing.

In January this year, Ricoh India had filed for insolvency through an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the National Company Law Tribunal, Mumbai.

In July 2016, indicating a possible accounting fraud, Ricoh India had admitted that its accounts appear to be have been "falsified" as it estimated to have incurred a loss of Rs 1,123 crore for the fiscal ended March 2016. PTI SR BAL BAL

Related Stories

2 killed in road accident in Rajasthan's Kota
2 killed in road accident in Rajasthan's Kota
Rupee logs 1st gain in four days, recovers 25 paise against dollar
Rupee logs 1st gain in four days, recovers 25 paise against dollar
Plea in SC seeks to declare misquoting judicial orders by candidates a corrupt practice
Plea in SC seeks to declare misquoting judicial orders by candidates a corrupt practice

Latest Stories

BoB, Srei to enter co-lending alliance
BoB, Srei to enter co-lending alliance
RCom promoters' shareholding declines to 22% in Jan-Mar 2019 quarter
RCom promoters' shareholding declines to 22% in Jan-Mar 2019 quarter
Amazon collaborates with banks to make premium smartphones affordable for Indians
Amazon collaborates with banks to make premium smartphones affordable for Indians
SPONSORED