Hero MotoCorp says visit by income tax officials was ‘routine’

The Income Tax Department on Wednesday conducted raids at multiple premises of Hero MotoCorp as part of a tax evasion investigation against the country’s largest two-wheeler automobiles manufacturer, officials said. The company called it a “routine inquiry, which is not uncommon before the end of the financial year”.

Offices and residential premises of the company including that of chairman and CEO of the group Pawan Munjal located in Gurugram (Haryana), Delhi and few other locations were being covered, they said. A team of officials of the department are looking at financial documents and other business transactions of the company and its promoters, they said.

“Officials from the Income Tax Department visited two of our offices in Delhi and Gurugram and the residence of our Chairman & CEO Dr. 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 said in a statement.

It said Hero MotoCorp is an ethical and law-abiding corporate, and maintains the highest standards of impeccable corporate governance.

“In keeping with this philosophy, we are extending our full cooperation to the authorities. We reassure all our stakeholders that it continues to be business as usual,” the statement said.

Hero MotoCorp became the world’s largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the past 20 consecutive years. Till date, it has sold over 100 million units across domestic and international markets.

Led by Pawan Munjal, the company has presence across 40 countries spanning Asia, Africa, and South and Central America.

The company continues to have a leading position in the domestic two-wheeler segment.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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