I-T Raids ON Hero CEO, Office Sites
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| Newsflixall.com |
Extensive income tax raids were carried out in a swoop early morning on Wednesday at 25 premises of Hero MotoCorp, a giant manufacturer of motorcycles and scooters headquartered in Delhi but which has production factories in Haryana and Punjab.
Raids were also conducted at the residence of Hero chairman and CEO Pawan Munjal to detect alleged tax evasion.
The company confirmed the action but claimed in a statement that it were a routine inquiry. The premises of the promoters, including that of the chairman, were searched in Delhi, Guru gram, Haryana and a few other locations.
.The IT sleuths were busy throughout the day, going through the financial documents and business transactions of the company.
The company's share slumped by nearly 4% on Wednesday. However, it later recovered partially and closed 1.22% down at Rs2,394 apiece on NSE. While the company did not immediately respond to queries, it issued an official statement after noting what the sleuths were looking for.
"Officials from the Income Tax dept visited two of our offices in Delhi and Gurugram and the residence of our Chairman and 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."
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