MG Motor India has shared a response to the notice by the Ministry of Corporate Affairs. The carmaker has received a notice seeking clarifications on reporting operational losses for its first year of operations, 2019-2020.’
The company said in an official statement. “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. ”
“At the same time, we would also like to state that 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. We are a global multinational, and our books are maintained as per Indian accounting standards and audited by reputed audit firms,” the statement added.
MG Motor India is committed to a transparent business model and will fully cooperate with the authorities within the stipulated time frame.
The company said in an official statement. “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. ”
“At the same time, we would also like to state that 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. We are a global multinational, and our books are maintained as per Indian accounting standards and audited by reputed audit firms,” the statement added.
MG Motor India is committed to a transparent business model and will fully cooperate with the authorities within the stipulated time frame.
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