I-T Department raids premises linked to Hero MotoCorp chairman Pawan Munjal
The Hindu
Agency’s action comes on suspicion of tax evasion
The Income-Tax Department on Wednesday searched premises linked to Hero MotoCorp chairman Pawan Munjal and others on suspicion of tax evasion.
The searches were carried out in Gurugram, Delhi and other places to examine the financial records of the entities concerned, according to an agency source.
A statement from the company on the issue is awaited.
Hero MotoCorp became the world’s number one two-wheeler company in 2001 and has retained the position for the past 20 years. It has also surpassed the milestone of 100 million cumulative production and sales.
The company, which has six manufacturing facilities in India and one each in Colombia and Bangladesh, currently sells its products in over 40 countries across Asia, Africa, Central and South America and the Middle East, according to its website.
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