More China firms under scrutiny for alleged financial improprieties: Report

Ministry of Corporate Affairs is extending an investigation into other China-based firms after fining Xiaomi Corp

FPJ Web DeskUpdated: Wednesday, June 01, 2022, 04:33 PM IST
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In the case of Vivo, an inquiry was sought in April to detect if there were "significant irregularities in ownership and financial reporting". /Logo | Wikimedia Commons

India is probing the local units of ZTE Corp. and Vivo Mobile Communications Co. for alleged financial improprieties, according to documents seen by Bloomberg, extending an investigation into other China-based firms after fining Xiaomi Corp.

The Ministry of Corporate Affairs will scrutinize auditor reports and has received information from unnamed sources that indicates potential violation including fraud, according to the documents, the report said.

In the case of Vivo, an inquiry was sought in April to detect if there were "significant irregularities in ownership and financial reporting" while authorities were asked to study the books of ZTE and submit findings "on urgent basis," according to the documents.

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