 "Ricoh India hits 52-week low")
Ricoh India is locked in lower circuit for second straight day, down 5% at Rs 444, also its 52-week low on the BSE, after the company said it has not yet received the signed limited review report from the auditors.
In past six trading sessions, the stock dipped 22% from Rs 569 on March 18, after the BSE in a notice dated March 18, 2016 said that pursuant to Securities and Exchange Board of India (Sebi) circular, Ricoh India along with four other companies will be shifted to ‘Z’ group with effect from March 28, 2016 due to non-compliances for two consecutive quarters i.e. September 2015 and December 2015 for the Clause 41 of the erstwhile Listing Agreement. CLICK HERE TO READ NOTICE.
The scrips which form part of the 'Z' group are compulsorily settled on a trade-to-trade basis. If a company is shifted for settlement on trade-to-trade basis, selling or buying of shares in that scrip results into giving or taking delivery of shares at the gross level and no intra-day netting off/squaring off is permitted.
Ricoh India in a regulatory filing said, that the board at their meeting held on March 29, reviewed the classification of shares of the company into Z category.
The company said it 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.
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 Sebi for deviation from the standard operating process in case of non-compliance, with respect to disclosure of financial results.
Till 12:14 PM, around 11,000 shares changed hands against an average 69,000 shares that were traded daily in past two weeks on the BSE. There were pending sell orders for 63,738 shares on the BSE.
The stock tanked nearly 60% from its 52-week high of Rs 1,072 touched on July 2, 2015 in intra-day trade.
In past six trading sessions, the stock dipped 22% from Rs 569 on March 18, after the BSE in a notice dated March 18, 2016 said that pursuant to Securities and Exchange Board of India (Sebi) circular, Ricoh India along with four other companies will be shifted to ‘Z’ group with effect from March 28, 2016 due to non-compliances for two consecutive quarters i.e. September 2015 and December 2015 for the Clause 41 of the erstwhile Listing Agreement. CLICK HERE TO READ NOTICE.
The scrips which form part of the 'Z' group are compulsorily settled on a trade-to-trade basis. If a company is shifted for settlement on trade-to-trade basis, selling or buying of shares in that scrip results into giving or taking delivery of shares at the gross level and no intra-day netting off/squaring off is permitted.
Ricoh India in a regulatory filing said, that the board at their meeting held on March 29, reviewed the classification of shares of the company into Z category.
The company said it 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.
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 Sebi for deviation from the standard operating process in case of non-compliance, with respect to disclosure of financial results.
Till 12:14 PM, around 11,000 shares changed hands against an average 69,000 shares that were traded daily in past two weeks on the BSE. There were pending sell orders for 63,738 shares on the BSE.
The stock tanked nearly 60% from its 52-week high of Rs 1,072 touched on July 2, 2015 in intra-day trade.
