Corporate affairs ministry may widen probe into the books of MG Motor India
MCA’s likely recommendation for a wider probe in into MG Motor India’s books follows the findings of the Registrar of Companies (RoC) in a 2022 case, said one of the people.
A spokeperson for MG Motor India said the company “has not been approached by MCA for any recent query”. “For the previous enquiry by RoC in March, MG Motor India provided all relevant information within the stipulated time, post which no further query was raised,” she said. “We are a reputed multinational, law abiding organisation,” she added.
The Vivo spokesperson didn’t respond to ET queries.
Late last year, MG Motor India was served an MCA notice to clarify why “we have operational losses basis our annual report for the first year of operations (in) 2019-20”, the company had then said.
As for Vivo, the ED last month arrested four officials, including a Chinese national, in a 2022 money laundering case. After the arrest, Vivo had said it “firmly adheres to its ethical principles and remains dedicated to legal compliance” and that it will exercise “all available legal options.””The RoC has submitted its report on MG Motor India and the MCA will soon take a call on the need for a wider probe,” one of the persons quoted earlier told ET. Earlier this year, China’s SAIC Motor reportedly planned to drop its ownership in MG Motor India and allow Indian entities to take a majority stake.
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