Chinese companies in the Indian exhibition industry are facing more and more censorship locally.People familiar with the matter revealed that India has begun to investigate the SAIC's subsidiary MG Motor India Private LTD suspected of financial violations.
According to Bloomberg report, the above -mentioned company is a subsidiary of SAIC Group in India. The investigation was initiated by the Indian company's affairs department.People familiar with the matter said that the Indian government analyzed the company's financial statements in detail and found that there were suspicious affiliated transactions, suspected tax evasion, less or more expenditure, and other violations.
They said that the company's affairs department has requested the company's highest management, including directors, general managers and auditors to explain related matters.
Before that, other Chinese companies were also surveyed, including Xiaomi Group, ZTE, OPPO, and Vivo Mobile Communications (vivo) each in the local subsidiary.
MG responded that receiving the notice, the Indian government asked the company to clarify the reasons for the business loss in the first year of the first year of 2019 to 2020.The company stated: "We have fully cooperated with government departments on all issues and are preparing to provide the required records and information to the company's registry within the prescribed time."
MG emphasizedIt is impossible for a company to make a profit in the first year.
MG stated: "This is because of huge amount of capital expenditure, and a fiercely competitive market such as India requires long -term cultivation; many multinational companies have worked hard for decades and have suffered losses."
The two countries in China and India have the most fatal conflict in the Himalayas' border in 2020, and the hostility has been there since then.
