The Indian government is reportedly investigating the Indian units of Chinese companies ZTE Corp and Vivo for alleged financial impropriety. The Ministry of Corporate Affairs (MCA) received information that potential violations, including fraud, were committed by both the companies.
The MCA has asked auditors to study ZTE’s financial reports and submit their findings immediately. Simultaneously, a probe was sought in April against Vivo to examine irregularities in ownership and financial reporting.
The Ministry of Corporate Affairs has started the process of inspecting books of accounts of more than 500 Chinese companies including Xiaomi, Oppo, Huawei Technologies, several Indian units of Alibaba Group such as Alibaba.com India E-commerce Pvt. Ltd., and Alibaba Cloud (India) LLP.
The MCA has also sent letters to some of the Chinese companies, seeking details about their directors, stakeholders, beneficiaries and owners. It is in the process of seeking similar details from the rest of the companies.
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