Hero MotoCorp discloses details of promoter family settlement, says Sunil Munjal quit as Joint MD in 2016

Two-wheeler major Hero MotoCorp Ltd on Monday disclosed details of the promoter family settlement pact agreed upon by the family members on July 27, 2016.

As per the pact, Sunil Munjal exited from the management and control of Hero MotoCorp and also stepped down from the post of joint managing director.

According to the agreement, management and control of the listed entity remained vested with the family group comprising of Pawan Munjal, Santosh Munjal, Renu Munjal and Suman Kant Munjal and an understanding has been reached between family group and Sunil Munjal on usage of 'Hero' trademark.

In an exchange filing following the disclosure of the 2016 agreement, Hero MotoCorp clarified that the agreement "pertains to the year 2016" and there has been "no change in the management or control of the company in any manner at present".

"Sunil Munjal stepped down as Jt. MD in the year 2016 itself which was part of the regulatory disclosure at that time as well," it added.