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My India First

Company affairs ministry could widen probe into the books of MG Motor India

New Delhi: The ministry of company affairs (MCA) might widen the probe into the books of MG Motor India, folks near the event mentioned. Individually, it might additionally probe the books of smartphone maker Vivo, which has already been accused by the Enforcement Directorate (ED) of cash laundering, they mentioned.

MCA’s seemingly suggestion for a wider probe in into MG Motor India’s books follows the findings of the Registrar of Corporations (RoC) in a 2022 case, mentioned one of many folks.

A spokeperson for MG Motor India mentioned the corporate “has not been approached by MCA for any current question”. “For the earlier enquiry by RoC in March, MG Motor India offered all related data throughout the stipulated time, publish which no additional question was raised,” she mentioned. “We’re a reputed multinational, legislation abiding organisation,” she added.

The Vivo spokesperson did not reply to ET queries.

Late final 12 months, MG Motor India was served an MCA discover to make clear why “we’ve operational losses foundation our annual report for the primary 12 months of operations (in) 2019-20”, the corporate had then mentioned.

As for Vivo, the ED final month arrested 4 officers, together with a Chinese language nationwide, in a 2022 cash laundering case. After the arrest, Vivo had mentioned it “firmly adheres to its moral rules and stays devoted to authorized compliance” and that it’ll train “all accessible authorized choices.””The RoC has submitted its report on MG Motor India and the MCA will quickly take a name on the necessity for a wider probe,” one of many individuals quoted earlier advised ET. Earlier this 12 months, China’s SAIC Motor reportedly deliberate to drop its possession in MG Motor India and permit Indian entities to take a majority stake.

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