From Our Bureau
NEW DELHI: Massive Income Tax raids were carried out in a swoop early morning on Wednesday at some 25 premises of Hero MotoCorp, a giant manufacturer of motorcycles and scooters headquatered in Delhi but most of the production factories in Haryana and Punjab, as also at the residence of its chairman and CEO Pawan Munjal claiming alleged tax evasion.
The company confirmed the action but claimed in a statement that it were a routine inquiry.
The premises of the promoters, including the chairman, were searched in Delhi, Gurugram, Haryana and few other locations. The IT sleuths were busy throughout the day, going through the financial documents and business transactions of the company.
The company’s share slumped by nearly 4% on Wednesday. However, it later recovered partially and closed 1.22% down at Rs 2,394 apiece on NSE. While the company did not immediately respond to queries, it issued an official statement after noting what the sleuths were looking for.
Officials from the Income Tax department visited two of our offices in Delhi and Gurugram and the residence of our Chairman and CEO Dr. Pawan Munjal on Wednesday. We have been informed that this is a routine inquiry, which is not uncommon before the end of the financial year.”
“We reassure all our stakeholders that it continues to be business as usual. We at Hero MotoCorp are an ethical and law-abiding corporate, and maintain the highest standards of impeccable corporate governance. In keeping with this philosophy, we are extending our full cooperation to the authorities,” the company said in its official press statement.
