I-T dept raids Hero Motorcorp chairman Pawan Munjal
New Delhi Mar 23 PTI The Income Tax Department on Wednesday conducted raids at multiple premises of Hero Motorcorp as part of a tax evasion investigation against the countrys largest two-wheeler automobiles manufacturer officials saidThe company called it a routine inquiry which is not uncommon before the end of the financial yearOffices 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 saidA 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 statementIt 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 saidHero MotoCorp became the worlds 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 yearsTill 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 PTI NES MSS TIR TIR
New Delhi Mar 23 PTI The Income Tax Department on Wednesday conducted raids at multiple premises of Hero Motorcorp as part of a tax evasion investigation against the countrys largest two-wheeler automobiles manufacturer officials saidThe company called it a routine inquiry which is not uncommon before the end of the financial yearOffices 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 saidA 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 statementIt 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 saidHero MotoCorp became the worlds 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 yearsTill 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 PTI NES MSS TIR TIR