Hero MotoCorp, which was raided today over allegations of tax evasion, has denied any wrongdoings and termed the searches as “routine inquiry, not uncommon before the end of the financial year”.
The company, whose chairman Pawan Munjal’s home was also raided, assured stakeholders that “it continues to be business as usual”.
A team of officials of the Tax Department examined financial documents and other business transactions of the company and its promoters, said officials.
“Officials from the Income Tax Department visited two of our offices in Delhi and Gurugram and the residence of our Chairman & 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,” the company said in a statement.
The country’s largest two-wheeler automobiles manufacturer said it maintains the highest standards of impeccable corporate governance.
“In keeping with this philosophy, we are extending our full cooperation to the authorities. We reassure all our stakeholders that it continues to be business as usual,” the statement said.
Hero MotoCorp became the world’s largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the past 20 consecutive years.
Led by Pawan Munjal, the company has units spread across 40 countries in Asia, Africa, and South and Central America.