Force India chairman Vijay Mallya today dismissed reports that the Formula One team faces ’dissolution’ for failing to file its 2008 accounts in time.

A report in ‘The Daily Telegraph’ earlier claimed that the Silverstone-based outfit missed the October 31, 2009 deadline, following which the Companies House sent a notice of dissolution on January 26 to directors Mallya and Michiel Mol.

Mallya said the team has got a grace period up to February 25 and so there was no question of the team’s participation in 2010 season being in jeopardy.

“It is not unknown for companies to file their annual returns late, the reasons for which are varied,” Mallya said.

“Force India has been in constant communication with Companies House and an extension to file was granted on January 27 with a grace period to February 25. This is a standard procedure and not uncommon in any industry,” he said.

“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, also the team principal.

More In: Sport | Motorsport