Samvardhana Motherson International Limited announced that its indirect wholly-owned subsidiary, Motherson Technology Services USA Limited (MSID USA), has had a previously issued notice of penalty rescinded. The penalty of USD 19,500, levied by the New York State Workers’ Compensation Board, has been revoked and is now ineffective following an appeal.
Penalty Rescinded for US Subsidiary
Samvardhana Motherson International Limited has provided an important update regarding a penalty notice issued to its indirect wholly-owned subsidiary, Motherson Technology Services USA Limited (MSID USA). Initially, MSID USA had been informed of a penalty amounting to USD 19,500 by the New York State Workers’ Compensation Board, Bureau of Compliance, USA (NYS WCB).
Appeal Successful, Penalty Ineffective
Following the submission of an appeal by MSID USA to the NYS WCB, the board has issued a “Notice of Penalty Rescission”. Consequently, the aforementioned penalty of USD 19,500 has been formally revoked and is now considered ineffective. This update serves to inform stakeholders of the resolution of the previous penalty imposition for their records.
Source: BSE
