Hero MotoCorp Reacts After ED Searches Chairman Pawan Munjal's Residence

Hero MotoCorp confirmed that officials from ED "visited" premises linked to the firm
Hero MotoCorp.
Hero MotoCorp.

Hero MotoCorp issued a statement after officials from Enforcement Directorate conducted searches at premises linked to the firm and the residence of its Executive Chairman Pawan Munjal. In a stock exchange filing, the company confirmed the ED action. 

"Officials from the Enforcement Directorate today visited two of our offices in Delhi and Gurugram and the residence of our Executive Chairman Dr Pawan Munjal," the company's statement to the stock exchanges said. It added that the company is extending full cooperation to the agency.

For the unversed, ED conducted the searches in a case registered under the Prevention Of Money Laundering Act (PMLA). The case was registered after taking cognisance of a complaint filed by Directorate of Revenue Intelligence (DRI) against a close aide of Munjal. The person was allegedly carrying undeclared foreign currency.

Shares of Hero MotoCorp declined by over three per cent following the development.

Last year in March, Income Tax department had conducted raids at the offices of the firm and the residence of Munjal. "Incriminating documents and digital evidence have been found and seized indicating that the expenses ostensibly shown to have been claimed towards business purpose are not fully supported by evidences," CBDT had said following the action. 


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