Nash K
The income tax department conducted raids today at the home and offices of Pawan Munjal, the Chairman of Hero MotoCorp.
As per reports, IT raids are also being held at various properties and offices of top executives and promoters of the company over allegations of tax evasion. More than 20 premises have been raided by the teams of IT officials.
Hero MotoCorp earlier known as Hero Honda is the largest two-wheeler manufacturing company in the world. The company’s headquarters are located in New Delhi.
Read also: Income Tax Department conducts searches in Delhi, Haryana
The IT department has reportedly initiated an investigation against the company and raids are being held at multiple locations in Gurugram, Delhi and in other cities as well. The Income Tax department officials are going through the financial documents and transactions of the Hero MotoCorp business to look for irregularities.
The focus of the IT department is on any fraudulent or dishonest business transactions conducted in the last 3 to 4 years. The IT officials will also collect documents and record statements of people present at the locations of raids.
The Hero MotoCorp company runs operations outside India as well and has a market presence in around 40 countries across Asia, Africa, South America and Central America. The company also has a manufacturing unit in Colombia. The company has sold more than 100 million units of its products in local and international markets.
Read also: Hero MotoCorp’s standalone Q3FY22 net profit down 36.71%
The news of raids has impacted the prices of the company’s share and they have fallen by around 2% so far. The company is yet to issue an official response to the raids and tax evasion allegations. More details are awaited.
