Muristek
New Delhi, March 23
The Income Tax Department on Wednesday raided multiple premises linked to Hero MotoCorp Chairman Pawan Munjal and other top executives of the company amid allegations of tax evasion.
Routine inquiry
We have been informed that this is a routine inquiry, which is not uncommon before the end of the financial year. Hero MotoCorp
Sources said Pawan Munjal's home and offices in Gurugram, Delhi and few more cities were searched, as a team of officials examined financial documents and other business transactions of the company and its promoters.
"The searches are being conducted at Hero MotoCorp Chairman Pawan Munjal premises. Over two dozen premises of Hero MotoCorp and its senior executives are also being searched. It is a search and seizure action on suspicion of tax evasion," a source said.
The company said Hero MotoCorp is an ethical and law-abiding corporate, and maintains the highest standards of impeccable corporate governance. Led by Munjal, the company has presence across 40 countries spanning Asia, Africa, and South and Central America.