Hero MotoCorp Chairman Pawan Munjal's residence, office raided by IT department

The Income Tax (IT) Department today conducted raids on properties and offices linked to Hero MotoCorp Chairman and Managing Director Pawan Munjal. The raids have been on since early morning over allegations of tax evasion.

Pawan Munjal's home and offices in Gurugram in Haryana, Delhi and some other cities were searched. The raids were conducted also in the premises linked to other top executives of the company.

Hero MotoCorp, led by Pawan Munjal, has units spread across 40 countries in Asia, Africa, and South and Central America. It became the world's largest two-wheeler manufacturer in 2001 in terms of unit volume sales in a year. It has maintained the title for the past 20 consecutive years. The company's market share is more than 50 per cent in the domestic motorcycle market and has sold more than 100 million units of the same across international and domestic markets.

Responding to the Income Tax Department raids at multiple premises of Hero MotoCorp, today, the two-wheeler manufacturer has said that it was a routine inquiry. In an official statement, the company said, "The raids were a "routine inquiry, which is not uncommon before the end of the financial year". The officials reportedly looked into the financial documents and other business transactions of the company and its promoters.

The company said that Hero MotoCorp is an ethical and law-abiding corporate, and maintains the highest standards of impeccable corporate governance.