MG Motor Responds to MCA’s Allegation of Irregularities in Oldtimer’s Books

MG7 (for representation purposes)

The MCA, through its Registrar of Companies (RoC), summoned the company’s directors and its Deloitte auditors to explain the alleged audit deficiencies that were uncovered during the investigation, the Economic Times reported.
“MG Motor India is a professionally managed, law-abiding company that adheres to the highest standards of compliance and governance and is committed to transparency. We are cooperating fully with government authorities on all matters and are in the process of providing the desired records and information to the Registrar of Companies within the stipulated time frame,” replied the press release from MG Motors India.
Next MG Hector teased
Next MG Hector teased

“It is impossible for an automobile company to be profitable in the first year of its activities. This is due to the huge Capex investment required and the long gestation period in a highly competitive market like India where many multinationals have struggled for decades and racked up losses,” the press release reads.

“We are a global multinational and our books are kept in accordance with Indian accounting standards and audited by reputable auditing firms,” ​​he added.

Meanwhile, MG Motors also reported recording 53% growth in October 2022. The strong sales figure was driven by the Hector SUV which recorded sales figures of 5,008 units.

MG said it has managed to increase production at its plant due to improved supply of semiconductors. The company expects further improvement in the coming weeks.

Besides the Hector, the recently updated MG ZS EV has also seen tremendous sales growth with 784 units sold in October 2022.

About Christopher Rodgers

Check Also

Ruby Tui’s Local Connection Drives Boom in Book Sales

Hot off the heels of winning the Women’s Rugby World Cup, Ruby Tui’s book Directly …