Sunil Munjal to exit from Hero Motocorp as Joint Managing Director; co discloses family agreement

economictimes.indiatimes.com:

Hero MotoCorp Ltd. on Monday announced that Sunil Kant Munjal will exit the firm as it disclosed its family settlement agreement that it received from the promoters, said the company through its exchange filling. «The Management and Control of Listed Entity vested with the Family Group and Mr.

Sunil Kant Munjal resigned as Joint Managing Director in the Listed Entity,» said the company on Munjal's exit. The company has further notified that the 'Family Group' which comprised of Santosh Munjal, Renu Munjal, Suman Kant Munjal and Pawan Munjal will be handling control and management of Hero MotoCorp Ltd. «Understanding reached between „Family Group“ and Mr.

Sunil Kant Munjal on the usage of trademark HERO,» said the company in its statement. The company has stated that the division of BML Munjal Group Entities is the reason for Munjal's exit from Hero MotoCorp's top management. The date of entering into the agreement was July 27, 2016, said the company.