ED searches Hero Moto Chairman Pawan Munjal's residence: Report

economictimes.indiatimes.com:

Hero MotoCorp's Chairman Pawan Munjal, ET Now reported citing sources on Tuesday. The shares of the company to the day's low of Rs 3,063 per share, down 4.4 per cent following this development. ET in June had reported that the Ministry of Corporate Affairs (MCA) ordered an investigation against Hero MotoCorp Limited over alleged corporate governance issues.

“There have been allegations of Hero MotoCorp allegedly floating shell companies. An enquiry by the Registrar of Companies has also concluded a need for a thorough investigation into the affairs of the company and linked entities. The same was examined by the government which has ordered an investigation into the affairs of Hero MotoCorp and SEMPL, in public interest under sections 210 (1) © along with section 216 of the Companies Act,” a source told ET in June.

In March, 2022, Hero MotoCorp was raided by the income tax department over alleged tax evasion. The IT had even covered the residence of Pawan Munjal, Chairman, Chief Executive Officer and Managing Director of Hero MotoCorp Limited while conducting the searches. The CBDT, the department’s parent in a statement without naming the company, had said that it found alleged illegal business expenses of over Rs 800 crore.