IT dept raids Hero MotoCorp’s Chairman Pawan Munjal’s residence & office

Currently, Income Tax Department officials are probing at his Gurgaon residence and office.

The Chairman of hero MotoCorp, Pawan Munjal is next up under the scanner of the IT raid. Currently, Income Tax Department officials are probing at his Gurgaon residence and office, as reported by ANI.

Hero MotoCorp enlisted in stock markets and is a massive 2-wheeler player. Hero MotoCorp interestingly is the world’s biggest 2-wheeler manufacturing and assembling company, and has a business presence in more than 40 countries.

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It is available in countries like Africa, America, Asia. When looking at the balance sheet one can clearly make out how much Hero MotoCorp has achieved in the 2-wheeler segment in India alone. Hero MotoCorp enjoys 50% of the marketplace in the 2-wheeler segment in India

Yesterday it was the Hiranandani Group and today it’s Hero MotoCorp under the scanner of the Income Tax department.

Not only Pawan Munjals’ home but also several top executives of Hero MotoCorp came under the Income Tax scanner over alleged tax evasion.

Offices were barged in at the Gurugram location in Haryana, some more locations in Delhi stated the Income Tax department officials.

They explicitly scrutinized the financial papers and many business transactions of Hero MotoCOrp’s top executives.

The Income Tax officials stated, “The probe is on at Pawan Munjal’s residence and several other top executives of hero MotoCorp, residences and offices are being scanned thoroughly. It’s a sight seizure action search if found suspicious of tax evasion.”

As soon as the IT raid at hero MotoCorp’s top executives hit the market, the company’s stock fell by 1.5 %.