‘Routine inquiry’, ‘business as usual’: Hero MotoCorp on I-T department searches  

Commenting on the I-T raids at the premises of its Chairman, MD and CEO Pawan Munjal and other senior officials, two-wheeler giant Hero MotoCorp said that they have been informed that the I-T searches were a part of a routine inquiry, which commonly takes place before a financial year.

The company statement as accessed by BusinessToday.In read, “Officials from the Income Tax Department visited two of our offices in Delhi and Gurugram and the residence of our Chairman and CEO Pawan Munjal on Wednesday. We have been informed that this is a routine inquiry, which is not uncommon before the end of the financial year.”

The Delhi-headquartered two-wheeler maker further assured all stakeholders that it continues to be "business as usual."

The company statement further read, "We, at Hero MotoCorp, are an ethical and law-abiding corporate and maintain the highest standards of impeccable corporate governance. In keeping with this philosophy, we are extending our full cooperation to the authorities."

For the unversed, the Income Tax Department conducted raids at the residence and office of Hero MotoCorp Chairman, MD and CEO Pawan Munjal. I-T Department officials also conducted searches at premises linked to other top officials of the company.

As per I-T Department officials, these searches were conducted as part of a tax evasion investigation against the company. Officials went through financial documents and other business transactions of the company and its promoters.

Also read: I-T dept conducts raids at Hero MotoCorp chairman Pawan Munjal's residence, office