Hyundai further clarified that it has not received any formal or informal notice regarding any penalty related to its fleet emissions.In its statement issued on Friday, Hyundai Motor India denied media reports claiming that the company, along with other automobile manufacturers like Mahindra and Kia, could face a penalty of INR 7,300 crore for breaching fleet emission levels.
Hyundai refuted the reports and said that they are based on "extrapolations" that are not grounded in facts. The company pointed out that the articles were based on an incorrect assumption—that the 2022 amendments to the Energy Conservation Act, 2001 (EC Act), which impose stricter penalty norms, were in effect before January 1, 2023.
According to HMIL, the new regulations only came into effect at the start of this year, and any claims of penalties prior to that are "fictional" and unsupported by the law.
"The article is based on extrapolations, which exercise itself is based on the incorrect premise that the 2022 amendments to the Energy Conservation Act, 2001 (“EC Act”), prescribing stricter penalty norms compared to the preceding law, were effective prior to 1st January 2023. Therefore, the story of penalty or the quantum of penalty is more fictional than based on facts or laws applicable to facts," the statement read.
Hyundai further clarified that it has not received any formal or informal notice regarding any penalty related to its fleet emissions.
"The Company has not received any formal or informal information or intimation regarding any penalty and has not heard of, formally or informally, the quantum mentioned in the said article. The Company categorically denies the contents of the news article mentioned against its name," HMIL stated.
The company also emphasised its commitment to the highest standards of compliance and transparency, particularly following its recent listing.
"The Company, following its recent listing, remains committed to ensuring the highest standards of compliance and transparency in all its disclosures. It will continue to promptly inform the exchanges of any material information as per regulatory requirements," it said.
The INR 27,870 crore initial public offer (IPO) of Hyundai India ended on October 17 with the issue getting subscribed 2.37 times albeit a lackluster turnout from retail individual investors (RIIs). The issue received over 23.63 crore consolidated share bids versus 9,97,69,810 shares available for subscription.
