The Income-Tax Department on Wednesday searched the premises linked to Hero MotoCorp Chairman and Chief Executive Officer Pawan Munjal and others on suspicion of tax evasion.
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The searches were carried out in Gurugram and Delhi to examine the financial records of the entities concerned, according to a source in the department.
In a statement, the company said income tax officials visited two of its offices in Delhi and Gurugram and the residence of Mr. Munjal. “We have been informed that this is a routine inquiry, which is not uncommon before the end of the financial year. We reassure all our stakeholders that it continues to be business as usual,” it stated.
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“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.
World’s number one
Hero MotoCorp became the world’s number one two-wheeler company in 2001 and has retained the position for the past 20 years. It has also surpassed the milestone of 100 million cumulative production and sales.
The company, which has six manufacturing facilities in India and one each in Colombia and Bangladesh, currently sells its products in over 40 countries across Asia, Africa, Central and South America and the Middle East, according to its website.