Hyundai Motor India Limited (HMIL) has issued a clarification regarding recent media reports alleging a Rs 7,300 crore penalty for breaching fleet emission levels, alongside other major automakers like Mahindra and Kia. The company categorically denied these allegations, emphasizing that the reports are based on extrapolations and misinterpretations of the 2022 amendments to the Energy Conservation Act (EC Act).
Key Points from Hyundai’s Clarification:
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- Misleading Basis: The company stated that the penalties referred to in the article are not aligned with the effective date of the EC Act amendments, which came into effect from January 1, 2023. Therefore, the premise of the penalties is “more fictional than based on facts.”
- No Formal Intimation: Hyundai clarified that it has not received any formal or informal communication regarding such penalties from any regulatory authority. The company strongly refuted the claim of any violation.
- Commitment to Compliance: Hyundai reiterated its commitment to ensuring transparency and adherence to the highest compliance standards. It assured stakeholders that any material information will be disclosed as per regulatory requirements.
This statement underscores Hyundai’s dedication to maintaining its reputation in compliance and sustainability efforts within the automotive industry.
