ED raids Hero MotoCorp Chairman Pawan Munjal’s residence

A company statement on the matter is awaited.

Autocar Pro News Desk By Autocar Pro News Desk calendar 01 Aug 2023 Views icon1406 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
ED raids Hero MotoCorp Chairman Pawan Munjal’s residence

The Enforcement Directorate raided the residence of Hero MotoCorp’s Chairman, Pawan Munjal today morning. According to provisions of the Prevention of Money Laundering Act (PMLA), searches were conducted at the Gurugram and Delhi premises.

A company statement on the matter is awaited.

According to a media report, the ministry of corporate affairs (MCA) ordered and investigation against Hero MotoCorp in June this year, on the back of alleged corporate governance norm breaches, and questions around actual beneficiaries of a ‘linked’ entity.

Similarly last year, the IT department had raided several premises of Hero MotoCorp. The CBDT (Central Board of Direct Taxation) had said that it had found alleged illegal business expenses of more than Rs 800 crore, without naming the company.

RELATED ARTICLES
JCB India unveils backhoe loader powered by hydrogen-based combustion engine

auther Autocar Pro News Desk calendar04 Dec 2023

The company has a £100 million project to produce hydrogen engines.

Maruti Suzuki boosts December discounts to drive year-end sales

auther Autocar Pro News Desk calendar04 Dec 2023

Maruti Suzuki Jimny sees discounts up to Rs 2.3 lakh; no discounts available on the Brezza, Ertiga, and Dzire CNG models...

MG Motor India announces price hike across all models starting January 2024

auther Autocar Pro News Desk calendar04 Dec 2023

The company will be announcing special year-end offers during the end of December 2023.