sebi:Order/GR/BM/2022-23/16086
Facts / Headnote
Penalty imposed on the Noticee for violation of Section 11(2)(ia) read with Section 11C(2), (3) of the SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 12
- s. 11(2)
- s. 15J
- s. 11C
- s. 28A
- s. 11C(2)
- s. 11C(3)
Parties
- Ashish Pandey
Holding
The Noticee, Ashish Pandey, violated Section 11(2)(ia) read with Section 11C(2), (3) of the SEBI Act by failing to provide information to the forensic auditor appointed by SEBI, and a monetary penalty of Rs. 5,00,000/- was imposed under Section 15A(a) of the SEBI Act.
Full text
Adjudication Order against Ashish Pandey in the matter of Ricoh India Ltd. Page 2 | 22 under the provisions of Sections 15A(a) of the SEBI Act for the aforesaid alleged violation by the Noticee.
Adjudication Order against Ashish Pandey in the matter of Ricoh India Ltd. Page 3 | 22 September 30, 2015. PWC submitted its report on preliminary findings on April 20, 2016, pursuant to which, on the same day, Ricoh informed SEBI that its financial statements for quarters ended June 30, 2015 and September 30, 2015 did not reflect true and fair view of its state of affairs. Ricoh, vide letter dated July 19, 2016, disseminated to BSE that the unaudited estimate of the losses incurred for the financial year 201516 was Rs. 1123 crore.
Adjudication Order against Ashish Pandey in the matter of Ricoh India Ltd. Page 4 | 22 It was observed that Ricoh, in 29 instances, had recorded sales amounting to Rs 438.98 crore before the OSF, i.e., sale was recognized before the order was actually received and executed. In addition, it was observed from books of accounts of Ricoh that funds receivable from certain entities (worth Rs 171.59 crore) was written off in FY 2016-17. The said entities were directly or indirectly connected to Mr. Amalendu Mukherjee who was MD of FDSL.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:Order/GR/BM/2022-23/16086. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.