Samvardhana Motherson International Limited announced that its indirect wholly owned subsidiary, SMR Automotive Systems USA Inc., has paid a penalty of USD 48,432 (approximately ₹46.30 lakh). This penalty was imposed by the State of Michigan, Department of Treasury, USA, following a corporate income tax audit for the periods April 1, 2022, to March 31, 2024. The company stated there is no material impact on its financials or operations.
US Subsidiary Receives Tax Penalty
Samvardhana Motherson International Limited has disclosed that one of its indirect wholly owned subsidiaries, SMR Automotive Systems USA Inc. (SMR USA), has been subject to a penalty from the State of Michigan, Department of Treasury, USA. The penalty amounts to USD 48,432, which is equivalent to approximately INR 46,29,936.95.
Audit and Payment Details
This financial imposition stems from a corporate income tax audit conducted by the State of Michigan for the fiscal periods spanning April 1, 2022, to March 31, 2024. The penalty was levied due to a short payment of tax identified during the audit. SMR USA received the outcome of this audit on September 11, 2026, and has since made the payment of the stipulated penalty amount to the State of Michigan’s Department of Treasury.
Impact on Company Operations
Samvardhana Motherson International Limited has confirmed that this development is not expected to have any material impact on the company’s overall financials, operations, or other business activities. The disclosure was made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Source: BSE
