HeroMotoCorp receives family settlement deal from promoter group, Sunil Kant Munjal resigns as joint MD

livemint.com:

Hero MotoCorp Ltd's Sunil Kant Munjal exited from the management and has resigned as joint managing director, the company said in an exchange filing. “Sunil Kant Munjal, hereinafter refer to as an ‘Individual’ shall exit from the management and control of Hero MotoCorp Limited, including any position held as Joint Managing Director," said the company. The company obtained a family settlement agreement from the promoter group.

In its filing, the firm stated that an agreement had been reached for the use of the trademark "HERO" between "Family Group" and Sunil Kant Munjal. The family group consists of Santosh Munjal, Renu Munjal, Suman Kant Munjal, and Pawan Munjal, hereinafter referred to as "Family Group". According the company's filing, Late Santosh Munjal, Promoter during execution of agreement, Renu Munjal, Pawan Munjal, a promoter and the chairman of Hero MotoCorp Limited, and Sunil Kant Munjal, a member of the promoter group, all signed the agreement.

The agreement was formally signed on July 27, 2016. “The purpose of the agreement was the division of BML Munjal Group Entities, including the Listed entity between the parties to the agreement.The agreement is executed between the BML Munjal Family Members and Listed Entity is not a party to the agreement," said the company in its filing. As per the exchange filing, the agreement was not a related party transaction and the listed entity was not a party to the agreement.