The office and residence of Hero MotoCorp President Pawan Munjal are being searched.
New Delhi:
The Income Tax Department is conducting searches on several premises related to Hero MotoCorp’s President Pawan Munjal and other senior executives of the company on suspicion of tax evasion.
Mr. Munjal’s offices and residences in Gurugram, Haryana, Delhi and several other locations are being covered, sources in the Income Tax Department said.
They said a team of department officials was reviewing the financial documents and other business dealings of the company and its promoters.
“Searches are underway at the premises of Hero MotoCorp President Pawan Munjal. More than two dozen facilities of Hero Moto Corp and senior corporate executives are also being searched. Action to find obtained and confiscated on suspicion of tax evasion,” a source in the Income Tax department told NDTV.
Hero MotoCorp reported a a significant reduction of 29% in total wholesale in February. The auto company sold 3,58,254 units compared with 5,05,467 units in the same period last year, according to a company report.
Domestic sales also fell 31.57% to 3,31,462 units last month from 4,84,433 units in February 2021.
Motorcycle sales last month stood at 3,38,454 units compared with 4,63,723 units in the same month last year.
