From GMM
Force India faces dissolution by the UK's Companies House, according to a report in the Daily Telegraph.
The newspaper said the Silverstone based team, reportedly in danger of not being able to race this season, has failed to lodge its mandatory financial accounts for 2008.
The due date was the end of last October, and on January 26 a notice of dissolution was sent to team directors Michiel Mol and Vijay Mallya.
"We have been discussing an extension to that filing deadline with Companies House because we needed more time to get the accounts in order," said Force India's new chief operating officer Otmar Szafnauer.
"On January 28 we got written confirmation of a deadline extension to February 25. If we don't make this the question is then what happens," he explained.
Szafnauer added that Force India, whose 2006 and 2007 accounts were reportedly also filed late, should be able to meet the new deadline.
A Companies House representative said: "If they do submit their accounts by February 25, there will be time for us to suspend the dissolution process.
"The ball is in their court. It (the dissolution) is only going to be suspended when the accounts are received. If we don't receive any accounts in the next three months we are going to strike the company off," the representative warned.
UPDATE
Team co-owner and director Vijay Mallya played down the reports.
"It is not unknown for companies to file their annual returns late, the reasons for which are varied," Indian billionaire Mallya, 54, said in a statement.
He confirmed that Companies House has granted Force India an extension until February 25 to lodge the tardy paperwork.
"We are taking all necessary steps to ensure filing is made on or before that date. So Force India's participation in the championship is not, and will not, be in jeopardy," said Mallya.
Force India faces dissolution by the UK's Companies House, according to a report in the Daily Telegraph.
The newspaper said the Silverstone based team, reportedly in danger of not being able to race this season, has failed to lodge its mandatory financial accounts for 2008.
The due date was the end of last October, and on January 26 a notice of dissolution was sent to team directors Michiel Mol and Vijay Mallya.
"We have been discussing an extension to that filing deadline with Companies House because we needed more time to get the accounts in order," said Force India's new chief operating officer Otmar Szafnauer.
"On January 28 we got written confirmation of a deadline extension to February 25. If we don't make this the question is then what happens," he explained.
Szafnauer added that Force India, whose 2006 and 2007 accounts were reportedly also filed late, should be able to meet the new deadline.
A Companies House representative said: "If they do submit their accounts by February 25, there will be time for us to suspend the dissolution process.
"The ball is in their court. It (the dissolution) is only going to be suspended when the accounts are received. If we don't receive any accounts in the next three months we are going to strike the company off," the representative warned.
UPDATE
Team co-owner and director Vijay Mallya played down the reports.
"It is not unknown for companies to file their annual returns late, the reasons for which are varied," Indian billionaire Mallya, 54, said in a statement.
He confirmed that Companies House has granted Force India an extension until February 25 to lodge the tardy paperwork.
"We are taking all necessary steps to ensure filing is made on or before that date. So Force India's participation in the championship is not, and will not, be in jeopardy," said Mallya.