The Income Tax Department raided properties and offices associated with Hero MotoCorp Chairman Pawan Munjal and other top executives today on suspicion of tax evasion.
According to sources in the Income Tax department, Pawan Munjal’s home and offices in Gurugram, Haryana, Delhi, and other cities were searched.
According to them, a team of department officials examined financial documents and other business transactions of the company and its promoters.
“The searches are taking place on the premises of Hero MotoCorp Chairman Pawan Munjal. Hero Moto Corp’s headquarters and the homes of its senior executives are also being searched. It is a search and seizure operation conducted on suspicion of tax evasion “According to sources in the Income Tax Department.
Hero MotoCorp is the world’s largest two-wheeler manufacturer in terms of volume, with a presence in more than 40 countries. It is the market leader in the Indian two-wheeler segment, with six manufacturing facilities in India, one in Bangladesh, and one in Colombia. However, its global sales have recently declined. In February of this year, the company reported a significant 29% drop in total wholesales when compared to the same period last year.
Domestic sales fell by 31.57 percent last month, with the company selling 3,31,462 units compared to 4,84,433 units in February 2021. This result, however, did not deter the company’s progress into the electric vehicle business, and in the first week of March 2022, the company announced its new electric two-wheeler brand ‘Vida,’ under which more EVs will be released into the Indian and global markets.
