I-T raid continues for 2nd day at premises of Hero MotoCorp, Chairman Pawan Munjal

Income Tax officials continue their search at various premises of Hero MotoCorp and Chairman and MD Pawan Munjal. Various financial documents have reportedly been found and are being analysed. Electronic and digital data is also being analysed. Searches continue at locations in Delhi and Gurugram. 

Offices of Hero MotoCorp and Pawan Munjal, as well as his residence, were being searched on allegations of tax evasion. Commenting on the searches, the company said on Wednesday that these were routine searches that usually take place before a financial year. 

“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 company added. 

The company assured all stakeholders and said its business continued as usual.

"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," it added. 

Hero MotoCorp, led by Pawan Munjal, has its presence in 40 countries in Asia, Africa, South America and Central America. Hero MotoCorp has eight globally benchmarked manufacturing facilities – six in India and one each in Colombia and Bangladesh.

The two-wheeler maker is a dominant market leader in India with over 50 per cent share in the domestic motorcycle market.

(With inputs from Divyesh Singh)

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

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