MG Motor responds to MCA’s allegation over irregularities in the former’s books

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MG7 (For representational purpose)

The MCA, through its registrar of companies (RoC), has summoned the companys directors and its auditors Deloitte to explain the alleged audit deficiencies that have been discovered during the probe, Economic Times reported.MG Motor India is a law-abiding, professionally managed company that adheres to the highest standards of compliance and governance and is committed to transparency. We fully cooperate with the Govt authorities on all issues and are in process of providing the desired records and information to the Registrar of Companies within the stipulated time frame, the press release from MG Motors India responded. Upcoming MG Hector teased

It is impossible for any automobile company to be profitable in the very first year of its operations. This is because of the huge Capex investment required and the long gestation period in a highly competitive market such as India where many multinationals have struggled for decades and have accumulated losses, the press release stated.

We are a global multinational, and our books are maintained as per Indian accounting standards and audited by reputed audit firms, it further added.

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

MG mentioned that it managed to increase production from its plant thanks to the improvement in the semiconductor supplies. The company expects to further improve in the coming weeks.

Aside from the Hector, the recently updated MG ZS EV has also witnessed quite the sale growth with 784 units sold in October 2022.

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