Samvardhana Motherson subsidiary fined IDR 14.94 Billion

Samvardhana Motherson International Ltd announced that its indirect subsidiary, PT. Atsumitec Indonesia, has received an order from the Directorate General of Taxation, Indonesia. The tax authority has disallowed partial royalty expense and SAP license fee for FY2021, resulting in a penalty of IDR 14.94 Billion (approximately INR 81.25 Million). This penalty pertains to a period prior to the acquisition of Atsumitec Group by Samvardhana Motherson. The company stated that there is no material impact on its financials or operations.