Key Points
The Ministry of Corporate Affairs (MCA) will likely launch a probe by the Serious Fraud Investigation Office (SFIO) into smartphone maker Vivo, which has already been accused by the Enforcement Directorate (ED) of money laundering, people aware of the development said...
Separately, the ministry has asked its regional director to undertake a wider probe into the books of MG Motor India following adverse findings by the registrar of companies (RoC) that looked into the company's records in a 2022 case, they added...
"In case of Vivo, it has been decided to have a thorough probe into its books, financial affairs, etc., given the seriousness of the allegations..
As for MG Motor India, another person said: "The RoC finding on it required further probe, so the case is now handed over to the regional director."..
A spokesperson for MG Motor India said the company has not been informed of any such probe recently, nor has it been asked by the MCA or any of its agencies to submit further details of its books or corporate governance standards...
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