The Enforcement Directorate (ED) on Tuesday raided Hero Motocorp CEO Pawan Munjal’s residence after it took cognisance of a Directorate of Revenue Intelligence (DRI) case. The DRI recently apprehended one of Munjal’s close aides in possession of undeclared foreign currency. Shares of Hero MotoCorp witnessed a decline of over 4 per cent following this news.
The raid was initiated after the ED took cognisance of a Directorate of Revenue Intelligence (DRI) case.
The DRI had recently apprehended a close aide of Pawan Munjal in possession of undeclared foreign currency.
In another development this year, Moneycontrol reported on June 15 that domestic automobile major Hero MotoCorp is under the government’s scrutiny, as the Ministry of Corporate Affairs (MCA) has initiated a probe against the company.
The investigation was launched by the MCA after taking cognisance of an earlier probe conducted by the Income Tax department into certain transactions of Hero Motocorp.
According to news agency Reuters, the MCA will assess the company’s relationship with a third-party vendor in a case related to alleged diversion of funds, and will also examine its ownership structure.
Hero Motocorp became the world’s largest two-wheeler manufacturer in 2001 in terms of unit volume sales in a calendar year. The two-wheeler manufacturer has maintained this title for the two consecutive decades.
The two-wheeler manufacturer has its presence in around 40 countries in Asia, Africa, and South and Central America.
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