The office and residence of promoter Pawan Munjal and premises linked to the top officials of the company are covered in this search.
New Delhi: The income tax department has conducted raids at the Hero MotoCorp chairman and managing director Pawan Munjal’s residence and office on Wednesday, according to the news agency ANI.
“Income Tax department conducting searches at multiple premises of Hero Motocorp. The office and residence of promoter Pawan Munjal and premises linked to the top officials of the company are covered in this search,” the news agency tweeted citing sources. It further added more details are awaited.
<Income Tax department conducting searches at multiple premises of Hero Motocorp. The office and residence of promoter Pawan Munjal and premises linked to the top officials of the company are covered in this search. More details awaited: Sources
Around 25 locations have been covered in th raids since Wednesday morning in Delhi and Gurugram and other parts of north India, as per the pubication Business Standard report that quoted senior tax official. Some more locations linked to the two-wheeler giant could be also searched, the offcial added declining to divulge further details.
The serached are underway based on the intelligence inputs received against the company and some senior officials of the company. The searches may continue till Thursday, as per the sources of Business Standard.
Hero MotoCorp has expanded its presence to 40 countries in Asia, Africa, South America and Central America. Hero MotoCorp has established eight benchmarked manufacturing facilities including six within India and one each in Colombia and Bangladesh.
The two-wheeler maker, led by business tycoon Pawan Munjal, remains a dominant market leader with over 50 per cent share in the domestic motorcycle market.
