SURPRISE MOVE Mumbai: Toyota Motors of Japan has made a cringe-worthy apology to the US securities market regulator because its Indian subsidiary, Toyota Kirloskar Motor Private Ltd (TKML), "sold one Toyota vehicle to the Iranian embassy in India". Toyota believes this transaction would not subject it or its affiliates to US sanctions". The sanctions that the filing talks about stem from a US legislation called the "Iran Threat Reduction and Syria Human Rights Act of 2012". The filing went on to add: "Toyota Kirloskar Motor Limited intends to cease conducting the activity described above". Toyota Motor Corp has an 89 per cent stake in TKML with the remaining held by the Kirloskar group.

Source: The Telegraph October 23, 2017 20:03 UTC