New Delhi, March 23: The Income Tax (I-T) department on Wednesday carried out searches on Hero MotoCorp and the company Chairman & CEO Pawan Munjal. “The search operation was initiated today morning. There is no further input available as of now,” an I-T official said. When contacted, Hero MotoCorp said that officials from the Income Tax department visited two of company offices in Delhi and Gurugram and the residence of our Chairman & CEO 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. We reassure all our stakeholders that it continues to be business as usual,” the statement said. “We at Hero MotoCorp are an ethical and law-abiding corporate, and maintain the highest standards of impeccable corporate governance. In keeping with this philosophy, we are extending our full cooperation to the authorities,” it added. Hero MotoCorp is the leading two-wheeler maker in India, the world’s largest two-wheeler market, with over 50 per cent share in the domestic motorcycle market. The company is headquartered in New Delhi. Hero MotoCorp shares closed 1.07 per cent lower at Rs 2395.40 a piece on the BSE on Wednesday. (UNI)
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