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Chinese-Owned MG Motors Under Government Scanner For Alleged Invoicing Fraud

Chinese-Owned MG Motors Under Government Scanner For Alleged Invoicing Fraud

Another Chinese company operating in India is under the government's lens. According to sources, the Registrar of Companies has summoned the top management of MG Motors India for questioning on alleged audit deficiencies. The company’s auditor Deloitte has also been issued the summons. Sources say that invoicing fraud has been detected during a probe of the company’s books by the Ministry of Company Affairs. The company has issued a statement that it received a notice on why it had operational losses based on its annual report for 2019-20. It reiterated that it is a multinational with books maintained as per Indian accounting standards and audited by reputed audit firms. Here is a report by Business Today’s Karishma Asoodani.